Turn the clock back to when BA cared about these things, BPs came in several colours; Dark Blue and Gold for Concorde, Red for First, Light Blue for Club and either Brown or Green for Economy.
It doesn't bother me particularly, but I can't help thinking that it must make the life of staff, particularly at the boarding gates, easier to immediately spot their premium passengers and ensure a smooth path to boarding. Same would apply at Fast Track one would think (not that the BAA people would give a hoot in reality).
Against that is the fact that that many people print their boarding passes at home so it wouldn't work in those circumstances. But I can't help thinking that there must be little cost in printing, say, a red wallet or BP cover for F passengers at least, issued at check-in or when you enter the Lounge, so that these passengers can be spotted early for 'enhanced' treatment.
For some people, it would also help boost their ego....