Hi! They are two prepositions. Because this is used many times in conversational English, to replace "off of" with "from" would sound very foreign. Here are a few more examples of using "off of":
He jumped off of the pier
The leaves fell of of the tree
He knocked the top off of it
I profited off of his purchases
One thing I will say is that "People thrive off of other people's failures" can also make sense with out "of," which is why some people will say that this is bad English grammar. "People thrive off other people's failures."
Thanks!