Perhaps he thought it would act as a kind of stop sign - not because it means anything nor because it's so visible, but because it looks "official".
In fact, I've mentioned before that some keen cyclists here in Bean town (Bangalore) have said to me "If you wear a helmet and lycra you get more respect from drivers." I didn't agree at the time, but I do now - in the context of a place where such things are a rarity and do indeed mark you out as someone who's cycling for love not poverty. In fact yesterday, at dusk, I noticed two cyclists approaching on a busy road I was crossing. They had no hi-viz, and they turned out to be tourists on Moultons (or something similar - I was in the middle of the opposite carriageway by the time they were close enough to see), but what initially attracted my attention was that they were wearing helmets. That unusual (here) garment made me think "ooh, must take a look at them". I think that's a similar idea to hi-viz for road workers, and something similar to what was going on in your guy's mind. "Look at me, I'm officially here on serious business, (so don't hit me)."
I doubt if helmets and hi-viz on cyclists have the same effect in the UK though, as they seem to be the norm nowadays.