wrap, pack up, cover, conceal
裹 centers on enclosing something completely: wrapping, packing up, covering, or concealing an object so it is hidden or protected.
裹 combines 衣 (clothing) with 果, which likely contributes the sound and the idea of wrapping or containing something like fruit wrapped in a cloth.
Clothing 衣 wraps around fruit 果, covering and concealing it completely. Picture packing fruit in a cloth to protect it.
For ホウ, imagine wrapping fruit in a cloth and tying it into a puffy bow: bow -> ホウ, and the cloth conceals the fruit inside.