ice, hail
冰 centers on frozen water: ice and hail are both forms of solid, icy precipitation.
冰 combines 冫 (ice) with 水 (water) to express frozen water. This is a straightforward semantic compound.
The left side 冫 is the ice radical, and the right side is 水 water. Together they show water turned to ice: frozen solid, like hail.
For ヒョウ, imagine a hyō (雹, hail) stone made of ice: hyō -> ヒョウ, and the kanji 冰 means ice and hail.