The phrase expresses a lack of emotional investment in the outcome of a situation. When asked about the choice of movie, she said she could take it or leave it.
Pro Tip 2/3
Non-committal
Using the phrase indicates that the person is not committing to a firm opinion or choice. Regarding the new policy, most employees could take it or leave it.
Pro Tip 3/3
No Strong Inclination
It suggests the person does not have a strong liking or disliking towards something. As for the different sofa colors, I could take it or leave it.