To expand on that, I'd say it's a thing that does everything and depending on context, that's a good thing because the compromises and the intended use work out

To expand on that, I'd say it's a thing that does everything and depending on context, that's a good thing because the compromises and the intended use work out (e.g. Swiss army knives) or a bad thing because they result in a product that sucks at everything (e.g. Jira).