Colors are trending towards the "may need to sell this kitchen/home/car/thing in the future, so I want to go with a non-offensive, maximally inclusive color for my potential buyers."
If you paint your house hot pink, you're probably not concerned about resale value for a long while.
I feel you've got the thrust of it. I see our manufacturing and boom of middle class ownership starting off with wild color choices only to then find out that it makes resale harder. Every house resold in my neighborhood paints the brick house white.
Also color fades more noticeably adding to upkeep cost. This is my two cents.
People also move a lot more than they used to. That could be part of it. Who gives a shit if anyone else likes the kitchen color scheme that you love, if you're going to be in the house 20+ years? If you're only going to be in it 3-5 years, though....
Even with that aspect, the consensus of what is considered neutral non-offensive household colors has changed from a warm brown palette (off-white walls, brown wood floor or tan carpet, wood or off-white cabinets) to a cool grey palette. That is a big shift. In the 90's or earlier painting a room grey would have been considered an opinionated decision that might turn off potential buyers.
If you paint your house hot pink, you're probably not concerned about resale value for a long while.