As stated above, it is all about vortices, more specifically the Kármán vortex street. If you go to YouTube and search for 'flat plate vortex street' you will find plenty of examples. These vids are fine for explaining what happens with a front lipped lure, but for rear lipped lures it is not the whole story.
Jointed lipless lures are also driven by vortices created around the nose of the bait. So, you have an alternating vortex flow which then interacts with the rear lip. You cannot consider the vortices as independent, the water flow is a complete or closed system were the vortices work together. If the lip width is tuned to match the nose vortices then a more powerful action could be developed (theory).
Here is a video of a round and square lip side-by-side. The different lips should have a slightly different oscillation speed, but you will see that the lures swim in perfect sync as the vortices interact.