A type of funk music, but the name is changed from funk to phonk.
It's most likely spelled this way to take the word "fun" out of funk and instead replace it with "phon" which sounds like the word "faun."
"Faun" means - "one of a class of lustful rural gods, represented as a man with a goat's horns, ears, legs, and tail."
So basically take the "fun" out of this funk music and make it "devil music." | Funk - "Faunk"
Let's listen to some phonk (faun-k) aka let's listen to the "devil" or let's listen to the "sounds of hell"