Password colours serve limited purpose as users must remember what a colour means.
The latest updates moved colour into the "edit mode" which is great and places the colour prominently beside the password title.
I created with CSS a method to switch the circles out for rounded rectangles and text for (my example only):
Need Update
Shared
Normal
Insecure
Validate
An option to customise these so they have a clear purpose would be great to encourage their use. Note: I only see extra noise if they are added to the list view for passwords, not benefit.
Similar to but separate from global tags for passwords.