I'll start by answering the title question first. IOP is an acronym standing for Input Output Operation. It does seem like it should be IOO, but that's just not the way it worked out.
A related fact to note: we generally talk either about total IOPs for a given task, or we talk about a rate - IOPs per Second typically, noted as IOPS with a capital "S". And with that, the Wikipedia portion of today's discussion is complete. Let's move on to why we care about IOPs...