This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as trashcan.
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+1F5D1 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “wastebasket” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: can, garbage, trash, waste.
This character is designated as an emoji. It will be rendered as monochrome character on conforming platforms. To enable colorful emoji display, you can combine it with Variation Selector-16: 🗑️ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A waste container, also known as a dustbin, rubbish bin, trash can, and garbage can, among other names, is a type of container intended to store waste that is usually made out of metal or plastic. The words "rubbish", "basket" and "bin" are more common in British English usage; "trash" and "can" are more common in American English usage. "Garbage" may refer to food waste specifically (when distinguished from "trash") or to municipal solid waste in general.