I like this idea because it is a (I ASSUME) a possible low-cost win for all. Brands and manufacturers would have some cost to change their design and process, and possibly some cost per item for higher cost of materials. I picture the material cost as replacing the current paint on the assembly line with a reflective paint, and/or replacing the current non-reflective stickers used in assembly with reflective stickers.

If the bikes look nearly the same, the same, or better, during daylight, and add reflectivity at night, that seems like a win for cyclists, and may add incentive to at least a few to replace their present bikes.

If the brands/manufacturers can add value to purchasers at little cost to themselves, that seems like a win/win.

And it should not keep anyone from using proper cycling lights, front, back, and to the sides. This would add to safety, not replace lights or any other safety feature.

For me, individually, this would be a better reason to get a new bike than an updated group set or the latest aerodynamic tubing that would save several seconds off a 40k ride. But you could have it all -- the new group set, ceramic bearings, electronic shifting, aero tubing, plus a reflective frame finish or at least large sections outlined by the brand stickers which are reflective instead of dull.