Limiting information can be harmful in many cases, and make things more difficult rather than simpler. And consistency can similarly limit usability.
What if I want to select one of 10 colors, with limited screen space? Isn't a select with color swatches perfect? Or even better, color swatches with color names beside? Why do you think that should be limited to plaintext only? That's anti-user.
I don't want to have to click each green to see the swatch. Just put them in a list with swatches. That is obviously the easier UX. Nobody has to stop and think about anything.
"I want things to be worse" is not a compelling argument. Letting developers describe the needs of their applications with a consistent grammar is not unnecessary invention, complexity, or friction.
The grammars of a technology, the set of building blocks with which developers are empowered to create, should balance flexibility with expressive intent. CSS <select> strikes this balance nicely. To decry its inclusion says more about the naysayer than the feature.
Jack of all trades, master of none. The mspaint-specific palette toolbar was much more intuitive.