unkempt hair, loose, flowing hair
鬅 centers on hair that is not tied or styled: loose, flowing, or unkempt hair.
鬅 combines the hair component 髟 with 朋, which likely contributes a phonetic element. The exact historical development is uncertain, but the character is associated with loose or unkempt hair.
The top 髟 is hair, and the bottom 朋 looks like two side-by-side shapes. Imagine hair hanging down in two loose, flowing sections, like unkempt twin ponytails.
For ホウ, picture a flowing mane of hair blowing in the wind: the sound of the wind is 'hou' (ホウ), and the hair flows loose.