Here’s what the Urban Dictionary has to say about It’s All Good:
Platitude that covers so many emotions and situations that it says little; its only real meaning is that the speaker is trying to rise above whatever problem exists, without expressing their underlying negative emotions. (They might be angry, sad, upset, frustrated, hurt, disappointed, etc.) Often used in a passive-aggressive way. Rarely, used compassionately for someone else, trying to make them feel better. A favorite of inarticulate teens; fills in the gaps between: like, dude, dudette, whatever, so, I dunno, hey, etc.
Ariel: “I’m breaking up with you.”
Campbell: “Whatever. It’s all good.”
If that weren’t enough, here’s this MC Hammer video:
Personally, I would have gone with “El Paso: You Can’t Touch This”