@Jetlag,
I'm not sure, but here is my understanding that it does help in cancelling the standing waves, but these are not "sound reflecting foam", Normally we tend to use "sound absorption foam" in building the speaker cabinets where in the special properties of these product is to quickly dissipate the sound waves the moment it hits the foam - by design they have minute air cells,and the pattern help to cover more of surface area and helps to break the sound waves at different timing - helping to the extent in reducing the reflections / echo .These foams or other materials are chosen based on absorption coefficients inherent to the material and not on the ground of sound reflection.
Besides these,having materials for dampening the wall to suppress resonance also helps.
If we are referring to Anechoic Wedges design - they normally are good for low frequencies and do some sort of sound reflecting I guess.But by the nature of the low frequencies waves these are normally big patterns and are generally used in a large volume enclosures - something like a "Room".
I may be wrong! hence my confused statement earlier.