We are looking at the broken end of the stub of the spindle. The break began at the lower right in the photo, which was near the top as the pedal was installed, and was under tension with each turn of the cranks. The two sharp little indentations extending in from the lower right suggest that an irregularity in the metal initiated the crack. The classic pattern of crack growth in metal fatigue is visible, progressing from there toward the diagonal line that runs from 8 o'clock to 1 o'clock.. A fatigue crack grows slowly, bit by bit. Some "beaches" showing the limits of different stages of crack growth are visible in the area below the diagonal line.
The rough surface at the upper left, above the diagonal line, is characteristic of sudden breakage.