Some think the homo is the Latin for 'man, mankind', but that word would yield hominiphobia I suppose which still others might mistake for a 'fear of grits'.

hahahahahaha - what the heck is hominy grits anyway?? I confess to be a little hominiphobic - it sounds like some awful Southern food torture inflicted on Yankee tourists in roadside cafes!
The word was coined inthe mid-19th century. Many have railed against the word, which like telescope, is a mix of Greek (homos) and Latin sexualis. Somehow they think that one oughtn't to mix roots from the Classical languages.
That's the genius of English - to be able to make whatever it needs to communicate out of whatever left over recycled bits and pieces of language it can find!