Wrong documentation
Color Picker - Add values programmatically
https://docs.umbraco.com/umbraco-cms/fundamentals/backoffice/property-editors/built-in-umbraco-property-editors/color-picker#add-values-programmatically
Although the documentation's version partially works, values are not store correctly.
Documentation example:
content.SetValue("color", "38761d");
Real world example of what it should be, that actually sets the PickedColor properly:
node.SetValue("color", "{ "value": "000000","label": "Black","sortOrder": 1,"id": "1"}");