Beauty is as beauty does

What does this mean.
That, what beautiful people do is beautiful because they do it?
Or, you are beautiful when you do beautiful things?

More like the second, but even more like "Physical beauty isn't important; good behavior is."

Here are some variants:

He is gentil that dooth fentil deedis. (Chaucer, _The Wife of Bath's Tale_, c1386)

But as the auncient adage is, goodly is he that goodly dooth. (Anthony Munday, _View of Sundry Examples_, c1580)

By my troth, he is a proper man; but he is proper that proper doth. (Thomas Dekker, _The Shoemaker's Holiday_, 1599)

He is handsome that handsome doth. (John Ray, _English Proverbs_, 1670)

Pretty is as pretty does. (T.C. Haliburton, _Wise Saws_, 1854)