Colorways is a pretty common word in other areas though, so it's not entirely made up. Colorways is used extensively in the shoe world to describe when new colors/patterns on an older shoe line drop.
Meanwhile, I'd never heard of "color ways" until like 3 years ago, and I'd still not have if I didn't pay (too much) attention to tech and industry news.
[EDIT] Oh my god, it's even worse, I read other posts on this thread and just realized that I got it from getting very slightly into shoes, not even from tech news. LOL. Yeah, this is a terrible name.
It's sort of odd to use shoe-industry lingo instead of tech-industry lingo when you are a web browser company.
Colorways is such a niche lingo that most people outside the niche don't even recognize that it's a word.
And I know people in more general clothing fashion, and also interior design. Is this a fashion term or is somebody on the naming committee really into shoes?