What is the basis for simplifying the simplified Chinese character "Sheng" (the traditional Chinese character is Erkou Wang)?

The traditional character "Sheng" ("ear" and "mouth" above, and "king" below) means:

Relying on the attainments of teaching by word of mouth and becoming a generation The person who is the king is the saint.

The simplified Chinese character for "sheng", with "you" on the top and "tu" on the bottom, roughly means:

Standing on the earth, his deeds are widespread. The one who preaches the praises is the saint~