I make these for my daughter all the time. In fact I just made 24 pigtail sets for our peewee cheer/drill team.
I use 3-4 different color/print ribbons, 4 of each color/print cut to 8 inches, heat sealed, cut at a angle. I use the no metal pony o's from RABOM.
I buy sequin material from a supplier on Ebay. I then bond the material to ribbon that matches the material. (ex. pink sequin on pink ribbon)
Someone called these a "spikey bow" I'm not sure but sounds good to me. I've been making them for about 3-4 years and I myself call them "funky pony o's"! LOL