wanton, hedonistic
嫖 centers on unrestrained pleasure-seeking: wanton behavior and hedonistic indulgence. The two given meanings are closely linked as expressions of self-gratification without restraint.
嫖 combines 女 (woman) with 票, which likely contributes the sound. The exact historical development of the meaning 'wanton' or 'hedonistic' from these components is uncertain.
A woman (女) holding a ticket (票) to a pleasure palace, indulging in wanton, hedonistic delights without restraint.
For ヒョウ, imagine a hedonistic person shouting 'Hyou!' (like 'whew!') in wild abandon: Hyou -> ヒョウ, capturing the wanton spirit.