Well, not if you ask the locals. Or Eric de Vries. Here are a couple of explanations:
They are decorations used mostly by the monks although sometimes you will see them in peoples homes around Khmer New Year or other celebrations. Some believe they bring good luck too
What they’re called? «Truffles» is one suggestion, another one is «rags»
But as Eric explains:
The colourful things near the pagoda are only there as decorations, they don’t have a religious meaning. Often it is done by special flowers from the countryside. These in the picture are made by the nuns and they don’t have a name, according to several Khmers I asked…
So, mostly connected to monks, nuns and pagodas, but with no deeper meaning, other than that they may bring luck, which when come to it, isn’t a bad thing?