"YAKU" is a verb meaning "broil". Or bake. Or fry. Or roast.
"NIKU" is "meat", or "muscle".
So YAKINIKU is broiled meat. Most yakiniku restaurants seat you, fire up a grill right there at your table, and bring you the ingredients for you to cook.
One of our daughters had a tall, muscular boyfriend named Nick, which sort of comes out sounding like "niku" when Japanese say it. Many giggles.