husk, bract, straw wrapper, souvenir gift, bribe
苞 centers on wrapping or enclosing something, especially in a plant or gift context: a husk or bract that wraps a plant part, a straw wrapper, or a wrapped souvenir gift. The bribe sense extends from the idea of a gift given in a wrapped, concealed manner.
苞 combines 艹 (grass/plant) with 包 (wrap/enclose), suggesting a plant part that wraps or is wrapped. The exact historical development is uncertain, but the component relationship is clear.
Grass 艹 wrapped 包 around something: think of a husk or straw wrapper enclosing a gift or plant part. The wrapped gift can also hint at a concealed bribe.
For ホウ, imagine wrapping a gift in a straw wrapper and exclaiming 'Hope you like it!' as you hand it over: Hope -> ホウ.