You can place the content "what is this?" in a box of smaller width in order to remove this spacing problem:
\documentclass{article}
\usepackage{amsmath}% http://ctan.org/pkg/amsmath
\begin{document}
\[
\left( x-1 \right) \underbrace{ \left( ? \right) }_{\text{\makebox[0pt]{what is this?} }}
\]
\end{document}
In the above example, "what is this?" is placed in a zero-width box. You can modify this to suit your needs. For example, in this instance, since there's nothing else in the expression, it's fine. However, with other elements it may be required to have some space around "what is this?". Then some negative whitespace (or skipping) might also be useful.