Also, what’s up with controllers dropping face button colors? The PS5 did the same thing.

From an aesthetic standpoint it just looks better^1 , and by now gaming consoles are so Mainstream that the additional accessibility the colors offer is not a good enough reason to keep them anymore.

^1 subjective, of course, but if you look at modern, big corporate design a lot of it is trending towards minimalism, very little use of color, etc.