Comment by lxgr

To be clear, I am still reducing my speed if I don't get positive confirmation that I've been noticed or if there's not enough time for a reaction to even happen.

My bell just gives me the significant improvement of possibly getting a reaction from the pedestrian long before I need to start braking.

However, not everybody does cycle like that. And while legally and ethically dubious, the bell still helps in that case as well.