This character is a Math Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. The word that U+22BC forms with similar adjacent characters prevents a line break inside it.
The Wikipedia has the following information about this codepoint:
In Boolean functions and propositional calculus, the Sheffer stroke denotes a logical operation that is equivalent to the negation of the conjunction operation, expressed in ordinary language as "not both". It is also called non-conjunction, or alternative denial since it says in effect that at least one of its operands is false, or NAND ("not and"). In digital electronics, it corresponds to the NAND gate. It is named after Henry Maurice Sheffer and written as or as or as or as in Polish notation by Łukasiewicz (but not as ||, often used to represent disjunction).
Its dual is the NOR operator (also known as the Peirce arrow, Quine dagger or Webb operator). Like its dual, NAND can be used by itself, without any other logical operator, to constitute a logical formal system (making NAND functionally complete). This property makes the NAND gate crucial to modern digital electronics, including its use in computer processor design.