right, or can be also found in many "dialectal" expressions like :
- c'est-y du lard ou du cochon ? (Is this bacon or pig ? = What is it exactly ?)
- qui c'est-y ? (Qui est-ce ?)
- c'est-y bien la même chose ?
Y is originally linked with "il" or "lui" (and could also be spelled "i", which does not exist in French, so "y" is used). Other examples : "il y a dit" (il lui a dit). But here in c'est-y pas beau ça?, "y" is superfluous (c'est pas beau ça ?), as in the other examples above.