surname
逄 is a rare kanji used primarily as a surname. Its standalone meaning is unclear beyond that name usage.
逄 combines the movement radical 辶 with 夅, but the exact historical origin and component function are uncertain. It may have originally been a phono-semantic compound, but the modern form is rare and its development is not well documented.
The movement radical 辶 suggests walking or a path, and the inner 夅 looks like a person descending. Picture someone walking down a path, and that path leads to a family name: 逄.
For ホウ, imagine a person named Hou walking along the path: Hou -> ホウ, and the movement radical shows them on their way.