Hypo means under, lower, less than.
Melanin is the dark pigment in corns (and ourselves and most lifeforms)
ism is a suffix meaning "a condition of."
So hypomelanism in the generic sense is the condition of having a lower than typical amount of melanin.
In corns, the word is specifically applied to a recessive gene that causes such a condition. (It is also possible to selectively breed corns for a lighter appearance, but this is not what "hypo" is applied to.)
Since the hypo gene is recessive, an individual must inherit it from both parents (and thus be homozygous for it) in order for it to be expressed. When that is the case, the snake is considered a hypo in the "proper" sense of the word.