Adding to this from the BIPOC Project [0]
"We use the term BIPOC to highlight the unique relationship to whiteness that Indigenous and Black (African Americans) people have, which shapes the experiences of and relationship to white supremacy for all people of color within a U.S. context."
Not all groups face the same oppression and this term intentionally names the two groups which are systematically the most oppressed in a US context.
[0] https://www.thebipocproject.org/