Meaning of ‘What gives’
The expression what gives, meaning ‘what’s happening; what’s up’ is a curiosity in English that raises some interesting questions and allows for some interesting insights, both pedagogical and substantive. Source
I have heard this so many times in many sitcoms. It’s a slang, widely used as a conversation opener, meaning the same as “what’s up?” or “what’s happening?” or “what’s new, how is the world treating you?”
I think the usage described here isn't quite accurate. Its more like you have a situation where something isn't quite right about the whole thing. Example; talking to a store clerk: "Four tires for only $10!? What gives?" Meaning, there MUST be something given/taken that is not being stated.
To add to what Notquite had to say it's more like "what's the catch?".
orr bitch why?