Depicts an animal's claw (釆) with their paw shown. 釆 also represents the sound. Based on the original meaning "animal's paw", now written as 蹯. The current meaning is a phonetic loan.
Shuowen Jiezi
《說文》：“番，獸足謂之番。从采，田象其掌。番或从足、从煩。，古文番。”
Original meaning
animal's paw
Components
釆(sound, iconic) — Used here to depict an animal's claw.
◎(iconic) — Depicts an animal's paw. Modern form looks like unrelated 田.