One common argument is that drivers have more respect for cyclists without helmets, i.e. they're more afraid of hitting a cyclist without a helmet.
The discussion goes back a long time, this article for instance is 9.5 years old: https://www.scientificamerican.com/article/strange-but-true-...
I guess, most cyclists think it's more likely that they'll be hit by a car, not a pedestrian.
It could also be that some cyclists don't have the money to buy a helmet - or other types of safety gear.