I'm going to link to a previous time a similar question was asked to add some extra details for anyone else who would like to add in some information. This thread has a great answer by u/random-dent and u/tim-mcdaniel with some follow up discussion that's worth looking into.

Another thread

An Askreddit thread (which is notably less in detail)

Another one from No stupid questions (again with less detail)

Paraphrasing these topics, most common surnames are based off of distinguishing features (such as brown/black hair) or occupation (such as "smith" or a colour related to what kind of smith you might be) and while there is anecdotal evidence of "Mr Red" and Mr Blue" within the historic record, they seem to be less common.

Though this doesn't completely answer your question, the issue of "why aren't others, like red/blue/etc... more common", besides maybe colours like red or blue just not being as commonly used for distinguishing features to assign a surname to.