With baselayout-2 (OpenRC) all init scripts are required to be POSIX-compliant. The one from hostapd package contains a bashism and thus it may fail when /bin/sh is not bash (e.g. it fails on my system with dash).
More info on how it fails is very appropriate.
Created attachment 190706 [details, diff] hostapd-initd.patch Fixes the bashism and also contains a small optimization in depend() when multiple interfaces are used. The reload() action would be better written as follows: start-stop-daemon --signal HUP /usr/sbin/hostapd but I think this code isn't backward-compatible with baselayout-1, so this hasn't changed in the above patch.
Fixed in CVS, should hit the tree within 1-2 hours