diaper
褓 centers on a cloth wrapping for an infant: a diaper or swaddling cloth.
褓 combines 衤 (clothing) with 保, which likely contributes the sound and the idea of wrapping or protecting an infant.
The clothing radical 衤 beside 保 (protect) suggests a cloth that protects a baby: a diaper.
For ホ, imagine a baby in a diaper letting out a soft 'ho' sound of contentment: ho -> ホ.
putting the cart before the horse; putting the diapers on before (the baby) is born