The old phrase is inside the new phrase of course, or at least it is if you try to say it out loud. Or maybe only the initialism is meant to be spoken, I'm not sure. I suspect these kind of situations (BIPOC, Latinx, Xir/Xer etc) occur when terminally online people accustomed to text communication forget that language is spoken too, not just typed. That's why they come up with all these new terms that can be read as text but become unintelligible noise when spoken.