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What does “go figure” mean?

Sometimes, people use a colloquial phrase of "it figures" or "go figure", which is kind of an acknowledgement of the correctness of a fact, or something like that. It's also sometimes abbreviated even further to just "Figures" or "Go fig", depending on the speaker.

Examples of the phrase in context:

It figures, this site doesn't have a question about this phrase yet.

Go figure, the answer was right under my nose the entire time.

What is the origin of this phrase, and what exactly does it mean? What is being figured, and into what?