First off all there is no scientific evidence whatsoever that shows blinking lights are safer. On the contrary, research indicates that blinking lights are actually more unsafe than solid lights. Blinking lights are harder to track especially in fast moving traffic. Old research on rear lights showed that they had to blink around 200 times a minute work as well as solid lights when it came to tracking.
Then there is the classic "moth ball" effect where drunk, tired or elderly people gets fixated on the blinking lights and end up driving right at them. Lots of road construction workers and emergency workers experience, that despite huge, massive, blinking lights and signs, people still hit both workers and signs with alarming rate.
Here is an interesting article about how flashing lights, and using ever more lights, works contrary to belief.
http://policedriving.com/article145.htm
Why traffic accidents happens and how to avoid them is a huge and complicated subject. But human psychology plays a major part. Just getting attention as a cyclist isn't the main thing. It is being "noticed and remembered" in the drivers brain that matters. And peoples brains tend to ignore things that aren't dangerous, or isn't categorized as important traffic.
Dressing up like a Christmas tree with many blinking colorful lights may get the drivers brains attention for a split second, but chances are that the brain will categorize it as unimportant, and therefore ignore it.
Many cyclist have experienced how drivers in cars coming from side roads, sometimes just seem to be blind; even in broad daylight and with their heads turned against you so it is indisputable that they have physically seen you, they can still drive on as if you didn't exist. It really helps to try getting eye contact with such drivers coming from side roads, so their brains both "notice and remember" you long enough.
Again and again in traffic accident cases, you will see the claim "I didn't see him", even though it would be physical impossible not to have seen "him" (the victim that was hit). Some may be lying, but most are telling the truth in a way; they might have physically seen the victim, but their brains didn't "notice and remember" what was seen as traffic. Instead the brain blotted the sight out as something unimportant non-dangerous.
This is why spoke reflectors and pedal reflectors are mandatory almost everywhere in the world, even if the bicycle has huge retina searing lights front and back. These reflectors, by painting round and circular movements, convey a powerful message to a drivers brain that what the brain see is a cyclist, not a motorcycle or a static object that can be ignored.
Flashing lights on a bike doesn't convey such a message; it conveys static non-traffic object. No other vehicle uses flashing front lights for "safety", not even fast moving motorcycles that are as least as vulnerable as bicycles. So it seems that no-one besides some cyclists, think it is a good idea.
All in all, those blinking lights are likely only to give a false sense of security, and may in fact be slightly more dangerous than solid, steady light.
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Regards