Panned out means turned out - it is something like happened, materialised, resulted or concluded, but it is actually difficult to think of a Latin based verb that would work in this context. I think gone would be the easiest way to say it: The V.I.P. Lawn Service hasn't really gone the way I thought it would.

"(It) has not panned out" means the desired results haven't been achieved. Things haven't ended up as planned. Don't focus on just "pan out" because the literal meaning doesn't apply here, but it's a term from the field of cinematography.

The others are correct, except for the origin. It's not the cinematic pan out; it comes from 'panning for gold,' i.e. scooping up gravel from a stream in a pan, swirling the water and seeing if there is gold. DIDN'T PAN OUT means there was no gold.

"Panned out" means the same thing as "turned out," "came out," and "ended up." I think the literal reference is to panning for gold. In 1800s gold mining, miners dug up dirt that they hoped contained tiny "grains" or "flecks" of gold. They put the dirt in a pan with water. They "sluiced" the water around, stirring up the dirt. The gold flecks, being heavier, would stay at the bottom. The water would pick up the rest of the dirt. The miner could flip the water, earth, sand etc. out of the pan, leaving "gold dust" at the bottom. The gold at the bottom had been "panned out." "It didn't pan out the way I hoped" means "I thought there would be gold in it. After I panned it out, I saw there wasn't any. I didn't pan out the way I hoped."