Yes, Prodigy’s H.N.I.C. inspired the album title, as Wiz explains in the above clip.

“It’s the Only N-Word in First Class. It’s inspired by Prodigy’s H.N.I.C. When he dropped that, I felt like that sounded so strong. I was just talking about me being a young rich dude and being black. It looks crazy to them when I walk up to them and show them my ticket or I’m going in priority seating, They’re like ‘You’re sure?’. It’s a good feeling and then it’s like a bad feeling because it’s like, ‘Damn, why do you feel like that about me’”.