Listen to Lauryn Hill's song,"Everything is Everything"... I'm joking, well sort of. It's a classic song and the first thing that popped into my head. Like the other commenter said, it means "it is what it is". Events in life are the way they are. The sub-context is to not try and fight the positive and negative experiences in life. simply roll with what happens. "It is what it is" can refer to a singular bad situation. 
When something unjust happens, like a break-up in a relationship. A friend might respond, "man, I'm sorry to hear that." Yet the guy who got broken up could reply, "it is what it is" or "everything is everything", which means he's cool with it.

I've never heard or read this in my life. It's meaningless to me.

I've never heard it before.

I agree with @Truman; meaningless.