It was started by the horned junior association before the merger, way back when AI was a new technology. You choose sires from a list, receive two straws of semen and a certificate (but usually pay the shipping yourself), and a resulting calf can be shown in the special class. Some years they will have only two or three entries, some years a dozen or more. Winners usually get the same type of award as the champion owned or bred and owned heifer.
The list of available sires has grown shorter in recent years, although some top breeders listed their entire AI sire offereing. Some folks pick a bull they are using anyway, and then the best calf they get ends up in the Junior AI class. They announced this year that they are ending the program, and that next year will be the last to have those classes at the junior national. It was a good idea back in the day to encourage AI, but doesn't make as much sense today.