It is what it is has circulated for years as a common spoken expression of acceptance, and the stretched eeez spelling captures how this version drags the words out for comic effect. Shared as a short reaction clip on soundboards and in short videos, it spread because the line fits almost any disappointing or awkward moment without needing context. Creators reuse it as a punchline, a comment response, and a way to close a scene, and its exaggerated pronunciation keeps it recognizable even among many similar shrug and resignation memes online today.