My name's Pip- well technically Philippa but no one has ever called me that so I and my friends introduce me as Pip and then nicknames are Pippy and Philly. Don’t really care too much for Pippa.
I have nothing against the name (although I have much against Dickens' character) but I just see this working way better for a dog, maybe, than a person.
Unless you're slurring the name, then, yes, it will sound like "pimp". I think that this is a cute name. And it conjures up images of a naive, wholesome boy or young man.