A few follow-up points for those who may have similar issues:
1) Florida Sunseekers suggested teh problem might be with the bulb not making full contact with the pin in the center. I removed the bulb, bent the pin a bit as they suggested, and will see how it works now. It does make sense that the bulb was sensing power going on/off because of a loose connection, and this was causing the bulb to switch modes. There was no water in the fixture.
2) I also noticed that the LED bulb (similar but larger size) in the pool fixture developed a similar issue. I was not so lucky here. When I opened the fixture, I found the bulb had cracked and the metal connector got stuck in the socket. Interesting all wires were intact and the fixture had not leaked, so the light was still working. But I replaced the LED bulb with my old halogen bulb for now and will seek a warranty replacement. Photo attached. I am not sure what would cause the plastic bulb to crack like this within the sealed fixture.