After much consideration by the natives who speak JC, Pipsy was later shorten to "Pips" to make it easier to say due to the fact it only has one syllable.
Nowadays, rarely being used to refer to ones penis, pips is really used now for anything. Saying "How's Pips" can really just mean like "What's up," or "How you doin man?"
Hows pips?
You just gonna sit there an play with your pips all day?