50% losses sounds bad, but actually when you consider that a brake light is only on for maybe 5% of the time, your 4W of losses turn into 200mW average which is completely irrelevant.
I actually quite like that circuit, it has several interesting features that may not be immediately obvious:
It has significant fault tolerence, a single string failure will not stop the brake light functioning.
It will work at full brightness with a severly flat battery.
It has fault reporting, a string failing will result in the appropriate 'monitor' line dropping and that can be used to signal a fault to the ECU.
It has effectively zero standby power consumption (A big deal if you leave your car in a airport long stay for a few weeks and expect it to start).
It is resistant to transients and even has modest resistance to reverse polarity, getting here with a switching regulator is not trivial.
It should be easy to get this through EMC qualification, certainally compared to a switcher on a single sided board (That this probably is).
It is cheap, cheap, cheap, there is nothing expensive on that board.
Component obscelecence should be a non issue fo a long time, with the LEDs being about the only thing that stands any risk of needing to have a replacement part qualified.
I have seen MUCH worse in superficially more sophisticated designs.
Regards, Dan.