Statistically, the majority of pedestrian deaths each year occur on high speed roads, with cars doing 45-55 mph. The v^2 part of the equation is going to dominate. We should get average speed down in areas where pedestrians are, and take steps to ensure that pedestrians are nowhere near the places we allow cars to go highway speed.
About half of all pedestrian deaths are caused by drunk driving, so that's another relatively low hanging fruit we could aim for if we really had the political will to do so.