The political coalition there is "people of color" - the point of this was to fight anti-black racism by making a unified group containing them and everyone else who was "not white". This is an improvement over the previous system where groups like Italians/Irish became white by being anti-black. (or were thought to have)

Activists then forgot this was the point and changed the name to "BIPOC" to de-emphasize half the "POC" group (the ones who aren't "BI"), but the whole point was to keep them in the group.

It’s certainly consistent with the belief that non-whites have political common cause with other non-whites against whites.