When the WALK sign is on, there's a minimum time required for pedestrian crossing that has to be allowed. Signals can switch faster and respond to traffic needs more quickly if they don't have to always block waiting for that crossing time.
IMO, the ideal solution is you add all-way crossing into every signal cycle. E.g. North/South traffic, then East/West traffic, then all-WALK (unless nobody pressed the WALK button). It's much safer - no worries about right-on-red or un-protected left turns hitting pedestrians, and pedestrians get the more efficient option to cross diagonally.