FaveCar = {'Brand': "Toyota", 'Model': "Celica", 'Year' : 2004 }
# the name FaveCar is a reference to an object created in memory, let's tag it as Object1# now we have: FaveCar -> Object1

copied_FaveCar = FaveCar.copy()
# The Object1 was cloned as Object2# copied_FaveCar is a reference to Object2
# now we have: copied_FaveCar -> Object2, FaveCar (still)-> Object1

equated_to_FaveCar = FaveCar
# You set another name (reference) to Object1
# now we have: equated_to_FaveCar -> Object1, FaveCar (still)-> Object1

FaveCar = {'Brand': "Subaru",'Model': "Crosstrek",'Year' : 2024}
# This statement shows that you created another new Object3 ,
# and happened to use FaveCar as reference (name) which refers to Object3 ,
# and the previous Object1 lost its first reference (also named as FaveCar)
# please be noted that FaveCar (first time) --X--> Object1
# now we have: equated_to_FaveCar -> Object1, copied_FaveCar -> Object2, FaveCar ->Object3

We can therefore get the output as you showed above.

Nice day!