Simplified form of 節. Phonosemantic compound. ⺮ represents the meaning and 即 represents the sound. Based on the original meaning "bamboo joint". Later used as a measure word for segments and divisions of time.
Original meaning
bamboo joint
Components
艹(meaning, simplified) — Shorthand for the ⺮ component in the traditional character 節.
卩(sound, simplified) — Shorthand for the 即 component in the traditional character 節.