> Blinking lights makes the bicycle driver more visible.

[citation needed]. They sure are annoying to look at, but I doubt about the improved visibility. Drivers are used to tracking positions and velocities of steady light sources - like those from cars, traffic lights, barriers, reflected lights, etc. Blinking lights are harder to track and are unusual; they seemingly should draw attention, but other than bicycles, they tend to show up on stuff like ads, Christmas lights, broken light fixtures, etc. - that is, things safe to ignore.