As a driver no to the last part. Car lights have to light up the road so that we can see things, and at quite a distance too because cars moves fast.
Bicycle lights exists to be visible and draw attention so I don't kill you (last thing I want). That said, blinking lights means I can't guess your speed or whether there is more than one bike. Both matters.
If you wild-assedly guess the speed of a bike somewhere between 0-30 mph, you're probably right, unless it's a serious downhill situation.
Drivers don't need super accurate estimates of bicycle speed; the speed is generally "low, but perhaps faster than you might think, so pad your estimate".
As an extension of that thought, just for fun, the lights on boats follow the pattern for bikes of being seen, not improving your ability to see. If you go out onto a lake in a remote place without a good flashlight, this fact quickly becomes uncomfortable.
Bicycle lights exists to be visible and draw attention so I don't kill you (last thing I want). That said, blinking lights means I can't guess your speed or whether there is more than one bike. Both matters.