I think the "color is all we need" idea makes sense in proportion to how many of our tools actually support colorization.

E.g., the last time I used the psql program, I don't think it had colorization of the SQL, despite running in a color-capable terminal emulator.

It probably doesn't help that terminal colors are a bit of mess. E.g., piping colored output through 'less' can result in some messy control-character rendering rather than having the desired effect.