(There is also a neutral color used by artifacts, well come back to that.) Each color has a theme long established: White: Peace, law, structure, selflessness, equality Blue: Knowledge, deceit, caution, deliberation, perfection Black: Power, self-interest, death, sacrifice, uninhibitedness Red: Freedom, emotion, action, impulse, destruction Green: Nature, wildlife, connection, spirituality, tradition (From the Color page of the MtG Fandom wiki.) Colors form a complex structure of alliances and enmities based on their relative positions in the color pie: for example, white is adjacent to blue and green in the wheel, and opposite to red and black
It doesn't copy whether that creature is tapped or untapped, whether it has any counters on it or Auras attached to it, or any non-copy effects that have changed its power, toughness, types, color, and so on
The alternative arrest mode is a nice option to have, but the tax ability is truly what makes this card notable
Similarly, a card like Ognis, the Dragon's Lash is considered a Jund commander and a tri-color card
Grim Monolith - 3 mana for 2 mana