What is the origin of the idiom "one-trick pony" and when to use it?

The idiom "one-trick pony" likely originates from the world of entertainment, particularly circuses and shows featuring animals. A pony that can perform only one trick or has one skill may not be as valuable or versatile as one with multiple talents. This expression is used to describe a person or thing that is limited in their abilities or has only one skill, talent, or approach. It's often employed in a slightly negative or critical manner when someone or something is viewed as lacking versatility or depth.