I've tried to make that point, but I failed many times. Let's try this crowd: We know what colors human faces have, so we can nail those, but coloring a film from, say, the 1950s the way photos from that era looked, is not what the colors back then actually looked like. That's just how camera technology was able to capture them at the time.
So even if you captured color back then, it probably wasn't very realistic.
I don't think people should stop experimenting, I find these videos fascinating and loved Peter Jacksons film, but the past didn't look like you think it did. You're just used to it because all the photographs from the era look a certain way but they were limited.