Alternative meanings of "there it is"

Solution 1:

When saying "there it is," a person usually means that something being sought for has at last been found, as the question notes. Most often, that something is a concrete, tangible object:

Alice: I can't find my cellphone. Have you seen it?

Bob: Have you checked in the refrigerator?

Alice: (opening fridge door) Why would it be in .... Ah, there it is.

Or

Dave: Fred's directions said we need to turn left on Maple Avenue to get to the party. Do you see any Maple Avenue?

Charlene: (pointing to a distant street sign) Yes, there it is.

Dave: Wow, good eyesight.

However, the sought after subject can also be a more abstract or figurative thing, such as comprehension. The question also mentions this.

Louis: I don't get it. What happened to the baker?

Carrol: Well, you see, the Snark was a Boojum after all.

Louis: Oh. There it is.

In this case, the response is often given in a drawn-out, almost sing-song voice: Oooooooh, therrrrre iit iiiiis.

One additional meaning expresses that a speaker or writer has just laid out a detailed explanation, and is providing a summary.

Professor: So there it is, class. The cycle of cellular division involves interphase, prophase, prometaphase, metaphase, anaphase, and telophase.

Students: (half applaud, the other half are startled awake.)

Finally, a meaning given by Collins and Oxford says that "this is the state of affairs, this is the situation." In other words, whether one likes it or not, and there is nothing one can do to change it.

But there it is: you can't wait now till spring; and you can't go till the reports come back. (J.R.R. Tolkien THE LORD OF THE RINGS)

Solution 2:

I think you could use the phrase "there is is" with the meaning you suggest, but it doesn't seem particularly natural and I can't recall cases of the phrase being used that way. Here are a couple of alternative meanings:

The Truth is Revealed!

One meaning, in my experience when the phrase is "and there it is", is something like:

"Events have unfolded to reveal their true nature".

So for example when someone is pretending to be nice but can't keep up the facade, when they break back into their usual character an onlooker might say "and there it is".

This doesn't just apply to people, it could be applied to a whole series of events, the meaning of which mightn't be clear until later. With this meaning, it was a common phrase in the TV Series Scrubs (which I'm currently re-watching).

I've Done It!

In the same way a person might say "there it is" when they find something, you can can also use this phrase when you produce something. So if you're baking a cake, once it's ready one might present it saying "there it is". Used this way, it's almost equivalent to the old "Q.E.D." or "Q.E.F." in mathematics.