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1.
Refers to a person who has a sexy bod but a really ugly face. They become pretty/handsome to some people just because they have a great body.

Hipon means shrimp in Filipino. When eating shrimps, you usually eat the body and throw the head away.
I could've hooked up with that hot girl but when she turned around and I saw her face, damn, she was a hipon.
de hiponka 2 mai 2010
 
2.
refers to a guy who has a nice body but an ugly face. hipon is a tagalog word for shrimp. and you when you eat a shrimp, you usually just eat the body and throw away the head.
That's as good as you'll ever get -- a hipon.
de Vekla 30 juillet 2006