This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
槑 is a rare character formed by doubling 呆. Its historical origin and exact development are uncertain.
Two 呆 shapes side by side, like two wooden posts with mouths, but the meaning is unclear.
For バイ, imagine two wooden posts (呆) standing by a bay: bay -> バイ, though the kanji's meaning is uncertain.