Kira commented: "After your explanation I can also understand this phrase as 'something is about to change', am I correct?"
My answer to this is: Probably, but it always carries a sense of _precariously balanced forces._
Something is going to change _because_ too much pressure or strain is building up. It will be a sudden and chaotic change.
Yes, a natural context would be "Things just can't go on like this, something's gotta give." There's always an implied idea "but I don't know what it will be."
It always helps to Google for examples of use. Here are a few.
"Something's gotta give as San Francisco 49ers pass offense meets Giants pass defense." --these are too football teams and the headline writer things the game will be interesting because a team with a strong offense is going to meet a team with a strong defense. This is the "balancing forces, one must win" meaning.
"Considering the trend, Apple might even choose to forego full-sized USB ports in favor of the same Type-C that it is pushing with the new MacBook. After all, if the MacBook Air is to be any thinner than it already is, something's gotta give." This is saying that making the laptop thinner is going to force Apple to leave something out. There won't be room for everything. "Something's gotta give." The writer thinks the weak point is the USB ports, and that's what will "give."
"Miami Beach at 100 [years old]: The sea is rising, and so are the condos. Something’s gotta give, right?" Another "unstable balance of forces."