We think that's a little bit of negative thinking. You can fight against "what is", but the best approach is to look for a way to deal with it -- preferably in positive way. Make the best of it and move forward. Don't over-think it. Put it in a box. Set it free. It is what it is.
“It is what it is” may be a way for someone to let go of an unfortunate situation and move on with life. It may be a way for someone to accept things as they are. If you look at just the words, it may also mean that the thing you are looking at is just what it appears
Does "it is what it is" have a definition that could be called definitive? No; as a student of the third-person singular, present indicative of the verb be might put it, it all depends on what the meaning of "It is what it is" is.
As for the cache: Even though this is a pretty quiet place, watch out for muggles on both sides of the fence so you don’t compromise this cache. In addition, we realize that we could have put a larger cache here, but we didn't. It is what it is... or is it?