Attackers can create things like tasks which have console escape codes in their names. When displayed on the console via a command like arc list or arc tasks, these strings may be annoying (bell characters), misleading (rewrite parts of the console) or otherwise confusing/mischievous. It is vaguely possible that a malicious attacker could come up with some creative way to be legitimately abusive here rather than merely clever/annoying, although this is probably not substantially different from allowing unicode combining characters, RTL codes, zero-width spaces, etc., in practical effect. If nothing else, this behavior is not desirable or expected.
We should make phutil_console_format() more aggressive about escaping conversions, and probably expose it via an explicit xsprintf() interface to make its use easier and more consistent. The state of console printing is generally less rigorous and abstracted than other string handling, anyway.
See T4472 for a similar primarily-hypothetical escaping issue.