It is a trap set for cybercriminals by companies. Example: your bank puts out a "honeypot" that looks enticing to cybercriminals. The cybercriminals think they are getting into the honeypot to sneak away with customer data. Instead, they get nothing or phony data and that leaves honey footprints behind to help the good guys know what the bad guys were trying to do.
Think of it as a decoy so crooks run after the decoy and the bank keeps your information safe.
Just another tool in the arsenal of companies and the government to keep your data safe.