The PlayStation 4 shows a red light that blinks or pulses because the system uses this feature to warn about thermal problems. The console uses this light to show that it has reached unsafe temperatures for operation so it will shut down or refuse to boot in order to protect its hardware.
The red light shows overheating problems which lead to failure whereas the blue light of death shows general hardware problems. The distinction matters because overheating problems can usually be fixed. The console protects itself from damage while functioning normally during most situations.
The PS4 system controls its temperature by using internal heat sinks and fans to create airflow through its system. The system activates the red light failsafe when it encounters problems with heat dissipation because the system cannot release heat properly. The problem occurs because most cases of failure relate to airflow issues plus dust buildup and environmental factors that cause sudden component failures.