I can’t think of any other ‘it’ that is meaningless. ‘It’ normally refers to something in the sentences context. But in that and in the sentence ‘it rains’ there is nothing that ‘it’ could refer to. The sky doesn’t snow, the weather doesn’t snow and neither do the clouds.
It’s raining. It’s cold outside. It is the case.
‘It’s raining’ must refer to the same it as the one in ‘it rains’. From that we can gather that the entity referred by ‘it’ must be quite capable as it can do the raining as well as be raining. However ‘It’s cold outside’ could refer to the air as in the air is cold outside. Similarly the ‘it’ in ‘it is the case’ needs some context in a prior sentence or something else in the real world otherwise the sentence doesn’t make sense.
The sentence does make sense, because all the speakers understand what it means. The context is implied, as another commenter linked to.
Which sentence do you mean?
the one you were talking about not making sense: “it is the case”
you’re both kinda agreeing on the same thing, whatever the “it” is, is understood through context. which when you lack said context, the sentence becomes nonsensical
“It raining” only makes sense if it’s Bubba saying it. In which case he means “It is raining.” He just doesn’t speak English well.
“It raining, y’all!” - Bubba
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You don’t live where it snows or rains?