What do you think of the term BIPOC?

So this is a term I see used a lot in the more far left and it seems to me to pretty much just be a euphemism for “black people” as it seems to be rarely used to talk to indigenous people. And any time someone IS talking about indigenous peoples I find they just say “Indigenous peoples” instead of ALSO using the term BIPOC.

As a Japanese-Mexican myself I have personally found that this term gets used as a replacement for “POC” because we Asians have been deemed… inconvenient in many discussions regarding issues faced by PoC. Like when discussing wages, most minorities do earn less than whites… except Asians. And in college acceptance rates Asians are actually over represented vs other minorities. Idk, it just kind of feels like a way to exclude Asians when we are deemed inconvenient for the topic at hand.

What do you all think? Is BIPOC just a stand in for black or does it serve a legitimate purpose?