So yours is a '73 or later Bronco? Is the plug square and 4-wire?
Sounds like the automatic transmission neutral safety circuit. Black w/red is the backup lamps, White w/red is power for the backup lamps, and Red w/blue is the START wire.
If a manual transmission, then the Red w/blue gets a jumper wire, and the other two go to some other type of switch. Assuming Ford did not make any changes, the backup lamp switch for a manual trans is on the steering column nearby.
Officially the wiring diagrams all show Black w/red for both sides of the backup lamp switch, but just recently I saw one just like yours, with the White w/red wire.
Paul