ABB pattern adjective:
懒 ('lazy') + reduplicated
洋洋 = a vivid descriptive form. The reduplicated suffix
洋洋 also appears in
喜洋洋 ('cheerful'),
暖洋洋 ('pleasantly warm'),
得意洋洋 ('smugly pleased') — it's a productive intensifier suggesting an overflowing, pervasive quality.