Would you like every car on the road making noise or would you have them transmit a silent signal that is received by a box that is carried by one of the 10 million blind in the US?
I'd go for this idea.
As a point of reference, the FAA's new ADS-B requirement will soon require all airplanes to carry transmitters to announce their position.
FAA - Surveillance and Broadcast Services
This technology is supposed to help pilots do their own traffic avoidance, and ease congestion by allowing planes to fly closer together. Right now, radar updates so slowly that controllers are forced to space airplanes several minutes apart to "guarantee" minimum separation.
ADS-B is expensive -- even cheap ones are said to cost $6,000+ -- but some similar announcing technology could be used for cars. It would actually be nice to have the ability to know that another car is in your blind spot, and the blind could have similar receivers alerting them to passing cars.