This is just my assumption, but I would think a blinking light could attract attention in situations where a steady light source may be missed.

The situation I'm thinking of is being lost or hurt in fairly thick woods on a night when the sky is clear and the moon is out. If I have a steady light on, the light I'm casting might not be enough to catch someone's eye, especially since it seems likely the light source may not come directly into the searcher's line of site. On the other hand, a blinking light, even the source is not directly observed, should stand out as being quite unnatural.

I'm just thinking of the lights I normally use, and they really aren't that bright so if the night isn't that dark I don't think the light they'd throw would be that noticeable from far away. That's just my guess though.