In all honesty, they have the vision, team, and strategy to justify this 'ridiculous' amount of funding. It seems like people are afraid of someone outsmarting and outhustling everyone else in this already crowded space. A very human thing to feel. I wish them the best and I hope Facebook doesn't end up buying them.
It may be human to be envious of Color's success and root against it, but I'd much rather see them succeed if only to validate that large valuations are not always a bad thing and can help startups build something even bigger in rare cases. For example, I doubt Facebook would be as big as it is today without the hype surrounding its ridiculous valuations. The worst thing to come out of this would be if Color fails and scares everybody into thinking we are in a startup bubble again.