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Pink and green are contrasting colors that go well like orange and blue, silver and blue, etc. Pink and green were rumored to be the colors for Sword and Shield at one point. So far, Pokemon Legends games have been singular titles rather than titles released in pairs. While this is a singular title, it is getting a duo of themed colors (pink and green) like the main series games. I've seen speculation the pink in the logo is a reference to the Kalos mythical Pokemon Diancie (notice the grey highlight around the pink).
Among hardcore fans, Pokemon has certainly been a mixed bag since XY released and the Switch era has been controversial. I have a feelings Legends Z-A will take a lot of the lessons learned from Sw/Sh, Arceus and S/V and be a surprisingly great title that will generally viewed as the best Pokemon experience on the Switch and a compelling, non-traditional title that is viewed in the upper tier of Pokemon games in general.
Yakuza Like A Dragon, the school landscape of Fire Emblem Three Houses, the city of Persona 5, are examples of games set in a limited space fleshed out extensively that I think give an idea of how fun a city setting for a Pokemon game could be.
We thought Z wasn't going to happen. There was no real reason to do this game. Unfinished business, and an interesting idea seemed to meet to give birth to this project. I'm excited! I think we're going to be surprised in a pleasant way by this one.