'It is what it is', meaning? Isn't 'It is what it is', put together the three laws of thought into one propositional attitude entity? It has all three properties of thought put into one proposition true for any modality and state of affairs that are observer dependent.
The law of identity, check. (It is what it is, ontology affirmed via self-identification)
The law of non-contradiction, check. (Either it is what it is or it isn't -> It is what it is -> thus affirming its own ontological status)
The law of excluded middle, check. (It is what it is, affirming its own state of affairs.)
What's not to like about something being what it is?
After all, it is what it is!