Weak hashing function for memorable IPv6 addresses
Take the IP address and a wordlist. Then turn the IP address into a list of words from the wordlist based on the digits of the address, base {length of wordlist}.

So, for instance, taking the diceware wordlist and your example, I get: 862A:7373:3386:BF1F:8D77:D3D2:220F:D7E0 -> mew hades cup viii 72 grit photo pick raid dey (or potentially the other way around, and/or padded on the other end).

Note this isn't lossy. Although you can relatively easily apply any lossy techniques to this. You may just wish to truncate the IP address, or only select every second bit or something before running it through this mapping.