NL10 Set on Monotone Flop

[TreeFarm]

Poker Stars, $0.05/$0.10 NL Hold'em Cash Game, 6 Players
LeggoPoker.com - Hand History Converter

MP: $10.85
CO: $8.15
Hero (BTN): $12.05
SB: $6.10
BB: $7.70
UTG: $6.15

Pre-Flop: 7[img]/images/graemlins/heart.gif[/img] 7[img]/images/graemlins/spade.gif[/img] dealt to Hero (BTN)
UTG calls $0.10, MP calls $0.10, <font color="red">CO raises to $0.60</font>, Hero calls $0.60, 2 folds, UTG calls $0.50, MP calls $0.50

Flop: ($2.55) 7[img]/images/graemlins/diamond.gif[/img] 8[img]/images/graemlins/diamond.gif[/img] 4[img]/images/graemlins/diamond.gif[/img] (4 Players)
UTG checks, MP checks, <font color="red">CO bets $0.80</font>, Hero calls $0.80, <font color="red">UTG raises to $5.55 and is All-In</font>, 2 folds, Hero calls $4.75

CO was 24/17 over 94 hands, his big preflop bet screamed big pair to me. UTG was 66/6 over 33 hands.

Honestly I was lost on this flop, the call/call on flop probably terrible but the tiny bet had me baffled. I called cause I wanted to see what UTG and MP did and how CO reacted, with the UTG push it put enough in pot to draw for a boat regardless of what MP or CO does is this correct thinking? Next time around do I push this or how differently should I play this, really confused on this spot.