bolstering the cliche
We love our cliches and jingles, but there's something really satisfying about words and phrases that step out and step back, are mirror images of themselves--"level"--"radar"--"madam I'm Adam." These are palindromes, which means (in Greek) that they "run backward." In Latin the word would be "retrocourse."
But "it is what it is" isn't quite a palindrome, and so "palindrome" is not the word for this spell.
The word is "chiasmus"--a word named after a letter.