This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
The exact historical development is uncertain. The modern form visually contains 艹 (grass) and 麃, but the original component relationships are unclear.
The top 艹 suggests grass, and the bottom 麃 contains a deer-like shape. Picture a deer hidden in tall grass, but the meaning remains unclear.
For ヒョウ, imagine a deer leaping through the grass with a light, airy sound: hyou! The hyou sound cues ヒョウ while the deer moves through the grass.