This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as attribution and credit.
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. U+1F16F offers a line break opportunity at its position, except in some numeric contexts.
The Wikipedia has the following information about this codepoint:
Attribution, in copyright law, is acknowledgment as credit to the copyright holder or author of a work. If a work is under copyright, there is a long tradition of the author requiring attribution while directly quoting portions of work created by that author.
An author may formally require attribution required via a license, legally preventing others from claiming to have written the work and allowing a copyright holder to retain reputational benefits from having written it. In cases when the copyright holder is the author themselves, this behavior is often moralized as a sign of decency and respect to acknowledge the creator by giving them credit for the work.
This said, a work in the public domain, which is any not covered by copyright, has no such attribution requirement in most parts of the world. This is the distinguishing factor between plagiarism, which is not a crime, but an unethical act, and copyright infringement, which may be a cause of legal action from the author.