As of June 2022, this wishlist feature has been implemented which allows any Wyze Rule trigger to cause the bulb or light strip to flash/blink.
However, it is implemented so that the device blinks five times and then returns to the previous state. There are many use cases described here and in the above linked topic that need the blinking to continue until another event turns it off or for a user defined time period. There are also requests to be able to have the color change during the blinking.
Therefore (in order to consolidate votes), the title of this topic has been changed from “Wyze Bulb Color Flash on Event” to “Wyze Bulb Color/Light Strip Blink/Flash User Set Parameters” to reflect the yet to be implemented features.