According to the OpenBSD manual, yp stands for "yellow pee"
Wikipedia has (https://en.wikipedia.org/wiki/Network_Information_Service) the same story I remember, though doesn't give a source for it:
> Because British Telecom PLC owned the name "Yellow Pages" as a registered trademark in the United Kingdom for its paper-based, commercial telephone directory, Sun changed the name of its system to NIS, though all the commands and functions still start with "yp".
http://www.lettersofnote.com/2012/03/butt-head-astronomer.ht...
The pages aren't yellow, though.