more than one formation method

Ok, this one I don't get.

Yellowbridge says the etymology for 好 is not only the well known woman 女 with child 子 being a good thing which one learns early on and is an associative formation, but goes on to list a second method, namely pictophonetic and that 女 is the radical and that 子 [zǐ] is the phonetic. What gives? Is this some lost pronunciation of 子 that brings it closer to the hao sound than zi ? Now I really am wondering what the deal is when yellowbridge lists more than one formation method with these characters, and I guess the first one listed is the more important? Can anyone shed any light on this?