They are various forms of greeting that quite often don't actually mean the specific wording. It's kind of a cultural thing, for example where I am this could be an opening conversation:
Person 1: What's up?
Person 2: Just relaxing at home, you?
Person 1: Yeah not much.
The "What's up" means both a kind of "hello", "how are you", and "what are you doing" in one combined greeting. It is the same with "what's going on".
It is basically an open door for you to say if there is anything in particular happening with you. For example:
P1: What's up?
P2: Not much, but my mums a bit sick at the moment.
P1: What's going on?
P2: Ah just playing some pool, going over to Jack's later on.
think of it as a general greeting, the reason people respond with "not much" or etc, is because that's basically the usual greeting response. If something actually is going on (for example mentioned above) you would respond like that.
It's kind of a cultural thing in a way to respond as though there isn't much going on, unless there is something paticuarly big happening at that moment or you want to talk about something further.