…not in my understanding. The term would seem to originate from one or both of "a pot of honey" and "a cesspit or chamber pot"[1]. Both attract flies. the former attracts bears, while the latter attracts 'filth'; both attributes can be useful. The attractant need not be a decoy to function.

[1] Sidebar: a 'honeydipper' can be either a tool made of spaced circular disks on the end rod for the purpose of obtaining honey from a container, or a scooping tool used remove excrement from a septic system or storage container.