Here's something on the possessive compounds from the Net that further mystifies me:

Possessive compounds, also called exocentric compounds are compounds which lack a head element and resemble predicate - argument structures5. hunchback, pickpocket, lazybones, cut-throat, redskin

Exocentric compounds denote some feature of the entity which is
denoted by the compound: A redskin is so called because of his redskin; it does not denote a type of skin but a type of person / potato etc.who / which has a red skin.

Ah! So something has been left out here. The redskin (potato) possesses, so to speak, red skin, but we're not talking about the skin, per se, of the potato. And the same would go for the Native American.

The lazy-bones refers not to the bones of the person so much as to the person who possesses those figurative lazy bones.

Interesting. Jaheem, you have given me my day's work, I think, on this snow/ice day off from school!