... but the question is why do you need to colorize the model, you will texture it anyways, just skip the colorizing.
Actually, for my application, scanning underwater reefs, whole dive sites, the textured model mostly looks terrible, and isn't as useful.
The visibility underwater is pants compared to in air. So if you're not up close to the subject (I'm 4-5m above the bottom), it softens the photos a lot, and creates a texture that is also 'soft' and doesn't show the shape of the reef, rock, corals as well. So looking at the model using Model Shaded is actual way better! We can see every rock, coral, etc. And the colours of the vertices are perfectly good.
But yes, if I'm scanning coral heads, coral frames, etc, so 0.5, 1m away, the textures add a huge amount of detail and fool you into thinking that ever tiny polyp is modelled in 3d!
Try looking at scans of relatively flat terrain, roofs, etc... In model shaded you can often see more of the shape of the model, and shapes that get lost in the texture, whilst still looking 'realistic'.
So it's useful sometimes, for some applications.
So, yeah, we have to used coloured vertices, but I often don't have a create a texture! Saving hours of processing! Lol.