Yes. Basically it is the idea of 100% self-responsibility of everything that’s around you. I can’t say it better as it’s described on Wikipedia
(emphasis mine)
It is based on Len’s idea of 100% responsibility, taking responsibility for everyone’s actions, not only for one’s own. If one would take complete responsibility for one’s life, then everything one sees, hears, tastes, touches, or in any way experiences would be one’s responsibility because it is in one’s life. The problem would not be with our external reality, it would be with ourselves. Total Responsibility, according to Hew Len, advocates that everything exists as a projection from inside the human being.
So the act of Ho’oponono is to ask for reconsiliation and forgiveness for everything that made you manifest the specific things in your life you like or don’t like. You embrace the universe (God, Gods, etc.), thank them for everything they give you and say “I love you” to them and yourself and release everything that made the world for you like you experience it.
This thought by @GoldenBird, about another topic, strikes the same chord: