It says the buyer can inspect and walk away if the results are not satisfactory. It does not obligate the owner to make any repairs. It is “as is.”
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But sometimes the inspection reveals issues.
The issues could be major enough that the buyer walks – “as is.” Sometimes the issues are minor and the buyer goes forward as per the contract. Sometimes the buyer addresses the issues by asking for repairs anyway. Sometimes the buyer requests a price concession in lieu of repairs.
When with the buyer I usually limit use of an "As Is" contract offer to a foreclosure or short sale where the repairs will not likely be made by the seller.
“As is” means “As is” except when “As is” does not really mean “As is”