The phrase: It is what it is

Does it mean something more?

I have a friend who uses it a lot. He uses it whenever he tries to explain something or give some sort of insight to a matter. But does it really mean something other than "it is what it is"? Because what else would "it" be if it's not "it is what it is"? It seems like a phrase that doesn't add much to what's already been said? Or does it?

Maybe there's some other layer to this phrase that I don't know. Or maybe because I've heard too much of it lately, like "whatever" (most hated phrase in English in recent report), that I've grown tired of it. But it is what it is.

Is there any phrases for which you share the same opinion?