I imagine that if you take notice of the indicator lights on the dashboard you'll see basically 3 colours: Red, Orange and Green (sometimes there's a fourth: Blue).
I imagine that's modelled after the usual pairings regarding colours and their criticality: Red - Fatal error or Danger, Orange/Yellow - Warning, Green - Notice, same happens with blue with some lesser important indications).
If you pay attention you'll see that every indicator falls into one of those:
- Error.
- Warning.
- Notice.
- Informational.
Indicator lights (also called blinkers) are a warning sign for the other drivers to express what direction you're going to take... maybe because these indicators fall into the orange/yellow colour indicator on the dashboard.
IMHO...