look… piracy means .. plagiarism or in easy words.. its publishing someone else’s work on your name.. or unauthorized use of some thing without copyright!

whereas bio stands for biological or natural thing.

so the word biopiracy is used for-
the practice of commercially exploiting naturally occurring biochemical or genetic material, especially by obtaining patents that restrict its future use, while failing to pay fair compensation to the community from which it originates.

so basically it delivers the idea of pirating the environment.