Pulse light it is called, standard on the Falcon family for some time. Use depends on SOPs.
Some aftermarket suppliers for other type includes random pattern lighting (pulse) in order to make the aircraft more visible ( not a steady light).
If one, as usual, ask pilots about it, you will have 11 opinions out of 10 people.
Mine, is "USE IT ALL THE TIME BELOW 10K ft" and anytime you need to be identified at night (KANO VOR springs to mind)