What does pwn mean in server exploitation (in CTFs)?

Pwn - I know that this is a category in CTFs in which you exploit a server to find the flag.

there is a library called pwntools, it's a CTF framework and exploit development library in python.

What I can't understand is why is it called "PWN" and is it an abbreviation?

pwn is also owning/dominating someone, but does this definition fit?

Thanks for helping ^^

It is litereally just that. Owning the server. You're looking to far into it and forgetting the background in which this culture has risen.