This does NOT mean "to have or form an opinion about". The closest definition in M-W appears to be 16a:
to produce as a result of action, effort, or behavior with respect to something
There are two examples:
make a mess of the job
tried to make a thorough job of it
The object of the preposition "of" is the thing out of which you make something. In M-W's examples, the OOTPs are "the job" and "it". In your sentence, the OOTP is "your life".
The direct object of "make" is the final result. In M-W's examples, the DOs are "a mess" and "a thorough job". In your sentence, the DO is the pronoun "what".