This page on alternative renderings of kanji compounds says that in order to simplify the kanji set, some compounds which contained uncommon kanji had components replaced with common homophonous kanji.
One set of changes was promulgated by the in 1956, but the page also lists a number of changes which came into _de facto_ use. → is one such pair.
In many cases (for example →), the homophony is only true in Japanese, and doesn't hold or no longer holds in Chinese. As such, some of the resulting compounds, which were originally common with Chinese, look a bit odd to Chinese readers.
The page also has a good list of homophonous compounds whose meanings are often confused.