It's a slightly contrived contraction from the words PEdestrian LIght CONtrolled crossing. The contraction doesn't really work (it gives pelicon rather than pelican) but that hardly matters since it was really just an excuse to give the crossing a zoological name to go along with the already extant zebra crossing.
Everything apears invisible to cyclists, traffic lights, cars, pedistrians etc. they are too busy looking at their front wheel going round and round in a hypnotic trance. I have seen a good number of cyclists run into the back of a parked car!