That’s not what I read at your link.
Dipweed = Dipward + Dillweed
Now, I wasn’t aware of the “pubic hair” definition, but I was familiar with the “idiot” part, and both dipwad and dillweed are slang terms for idiots.
Thus,
Dipward = Idiot + Idiot = Twice the amount of Idiot
Or idiotic idiot, for short.