Also remember that traffic systems are not developed by start ups that can iterate quickly with seemingly endless funding and/or no overhead. These systems are usually under the control of municipalities that are already strapped for cash and certainly do not have elite teams of developers at their disposal.
Current traffic light controllers and/or vehicle detection system (VDS) units are also fairly ruggedised: they're designed to live in outdoor cabinets with minimal active cooling, survive up to +50C (or more) while still operating, and have long replacement lifecycles.
Modern equipment capable of processing imagery "in the field" - some kind of x86 machine - would have a hard time meeting these requirements for the same cost. Ruggedised machines do exist, but at a significant price premium.
The other option would be to ship that data back over fibre (common), but that also creates a dependency issue on the network and may require network hardware upgrades to deal with the big increase in h.264 encoded video traversing the network.
I'd love to see more of this happening, but it's an extremely conservative industry/market.
Don't forget, many lights right now are using weight sensors in the ground (SEE EDIT-2), A. that is very costly, B. They are prone to damage...a lot of the time, and C. with current technology in cameras, I'd say they will be more reliable and give better information about on-coming cars from all directions to the traffic light.
It is quite simple to say, if the conditions are bad for visibility, or the camera is inoperable, or even a bird is sitting in front of it, whatever it is, the simple fall back can be 'dumb'. A timer. As they have been for many many years.
I've thought about this a lot and imagine in the future that each intersection will actually be able to communicate with the on board systems of autonomous vehicles and create a very efficient system. At that point, many intersections would not even require vehicles to stop. It would regulate the speed of each vehicle so each one could go through with minimal energy impact. ...Sure...it might be a 'close your eyes' moment...but regardless, we can make it safer than how it is today...with humans making the stop/go decisions.
Whatever upgraded systems in traffic lights we move to, we have to start thinking about autonomous driving. It will be a HUGE leap forward in not only getting around efficiently, but getting around quicker! Human driving tendencies are inherently inefficient. The slinky effect on roads and highways is quite annoying.
EDIT: Another 'efficient' thing we can do is place short range charges into the ground near the stopping point at lights. This is down the road when a majority of cars on the road are fully electric. But as the vehicles sits at a light, it would charge. The power would be obtained through using photocells on the surface, so when a car is not currently waiting on top of it, they are building a charge. This of course would require the price of batteries to go way down to be feasible, but essentially, all forms of consumer transportation will be powered by solar.
EDIT-2: I'm wrong about weight sensors, I actually did not know about inductive loops at lights. TIL. Either way, they have a limited range of detection.
Side note: most lights use inductive loops not weight sensors for vehicle detection.
I think the biggest challenge though is getting municipalities to replace current systems. They have already invested millions and millions to get the current traffic system up. It would almost have to be the next cycle of traffic lights, when the old ones get replaced (depreciate fully). And of course, cities would probably want to do their own independent testing/study...
It would be sweet to start seeing them appear on new construction though.
Currently off my bike due to ill health but will suggest it to the cycling club.
The best bet would probably be to get a forward-thinking city to experiment with this in a small area and then go from there.
It would not be hard to put in a physical interlock so both lights could not be simultaneously green, regardless of what the software commands. I don't believe this is a significant fatality risk.
For example, if 5 cars are coming from one direction, turn the light red for the 1 car on the cross street.
I'm pretty fed up with the light perversely stopping the 5 cars at the last moment to let one car, that is already stopped, enter the intersection from the cross street.
I wonder how much gas and congestion can be saved this way.