According to the CDC, drowning is the leading cause of accidental deaths among children 1-4 years old and there have been cases where a blue swimsuit has contributed to one child's drowning death.
As reported by Life Hacker, a particularity gruesome real-world example of how hard it can be to spot a child in a swimming pool, is the 2002 case of Paolo Alexander Ayala. The 7-year-old boy was reported missing after he attended a pool party in the affluent Los Angeles neighborhood of Holmby Hills.
Police conducted an extensive manhunt, and after two days, Ayala’s body was located: He’d been at the bottom of the backyard pool the entire time. The water was clear, and dozens of people had checked it, including trained police officers and LAPD detectives, but no one saw the boy’s body. He was wearing blue and white trunks.
As for what color suit you should choose, the rule-of-thumb is simple: Make it bright. Lifehacker has covered bathing suit colors and safety before, pointing to the research done by aquatic safety company ALIVE Solutions. They tested a dozen suit colors for visibility in both a lake and a pool, and determined the most visible colors are neon yellow, neon green, and bright orange. Neon pink is a good choice for a swimming pool with a light bottom, but not as good a choice in a lake.
This is a small detail that I'm sure many parent's haven't even considered when thinking about thier childs safety.
But once it's been brought to your attention, it makes complete sense.