Hippopotomonstroesquippedaliophbia is a common misspelling of the word hippopotomonstrosesquipedaliophobia, a silly but real word that refers to the fear of long words. The parts of the word do not actually 'mean' the fear of long words.
This playful word is reminiscent of the sentence:
"Eschew obfuscation." This means 'avoid being unclear'. This sentence (not the word in the question) is an example of hypocritical irony; the sentence does not follow the advice that it gives.