Unless you're showing pictures in your terminal, why would you want true color and the overhead that introduces? If you're just doing a status bar on a black background, your eye won't really see the difference between FF0000 and FF1515 (which I picked because the next 16 bit color is FF3333 which you can already barely tell the difference from).
I'm just saying I'm not sure I would want that much color choice, it would just give me anxiety about picking the right color!