Correct me if I'm wrong on the trans. It looks like a bunch of strokes were left out of what would be the 魔法少女 part. Is this because it's actually something else, or is it just really simplified?

It's a simplification of 魔 sometimes used in handwriting.

Makes sense. And I guess I should link post #145021 as sort of a complement to this, upped in the same entry by catbell.