This is something that is becoming more common, and I don't like it.
Practically all road traffic laws require white front and red rear, and restrict or prohibit anything else.
While some light is better than none, there is no real excuse.
The real danger with inverse lighting comes with salmon. Cycling the wrong way down a painted cycle lane in the gutter of the road with lights on back to front means that the motorist is going to approach the cyclist a lot quicker than he is expecting.