What a lovely idea....too bad it isn't permanent and wears off in a week. Sounds like you might need to keep buying the paint over time. Can we say cha ching.
Or maybe not, Volvo has a track record of not profiting from life-saving technology (3-point seat belt patent)
that said
Problem IAs a avid cyclist I doubt this will help a lot, because the biggest problem is that with the ever brighter headlights, the car drivers don't see anything outside of their cone of light. As a result they don't see (or spot it very late) anything coming from the side. Best thing you can do as cyclist is have strong head-/back light and additionally some side facing lights.
Problem IIAlso they are obviously car-drivers that invented this. They should think why their instruments are dimly lit for night drive. If the bike lights up like this you make the cyclist completely blind. I have those scotch reflectors on my spokes (see below) and already those can be irritating.