This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F37F offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “popcorn” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: corn, movie, pop.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: 🍿︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
Popcorn (also called popped corn, popcorns, or pop-corn) is a variety of corn kernel which expands and puffs up when heated. The term also refers to the snack food produced by the expansion. It is one of the oldest snacks, with evidence of popcorn dating back thousands of years in the Americas. It is commonly eaten salted or sweetened.
A popcorn kernel's strong hull contains the seed's hard, starchy shell endosperm with 14–20% moisture, which turns to steam as the kernel is heated. Pressure from the steam continues to build until the hull ruptures, allowing the kernel to forcefully expand, to 20 to 50 times its original size, and then cool.
Some strains of corn (taxonomized as Zea mays) are cultivated specifically as popping corns. The Zea mays variety everta, a special kind of flint corn, is the most common of these. Popcorn is one of six major types of corn, which includes dent corn, flint corn, pod corn, flour corn, and sweet corn.