Definition 1 of 1
It's a rhetorical question, don't answer it. This phrase has been in popular usage for the last 50 years, and has the advantage of taking on a Punjabi flavor in Punjab, and a Tam flavor in Chennai, Bong flabor in Kolkatta and..well, you get the idea.
"Eat another piece of cake, what's there?"
"Let me drive your Kiney, what's there?"