Taxonomy for Colors

In the view-> format -> Full Calendar Display -> Settings

You will find the place to specify colors for each taxonomy terms or content type.

I'm not saying it doesn't "work as designed". But what you are showing there is showing me how I can make the various content types show on the calendar in different colors. That's all well and good, though if I'm being honest, I'm not sure why I would want to, for example, put a Blog post on my calendar, but regardless, is it not logical that I am more likely going to want to have a "Category" for each "Event" that I am creating (for example, "Meeting", "Webinar", etc.) where I can make all of my meetings one color, all of my scheduled webinars another, etc. )

Digging deeper on my own, I was able to find that when I change the "Event Taxonomy Field" from "None" to "content:tags", and create a separate taxonomy type called "Calendar Tags", and place "Meeting", "Webinar" and such in there, I am then given the ability to select colors for each "category" of things that may be on the calendar.

I am attaching a screenshot of my Views settings (the "11.08.40 AM" image). I questioned if the "Content: Content type (= Event)" setting in "Filter Criteria" might be the cause, but I'm not sure how else to set that, as what I want showing up on the calendar are items that are "Event" content type. I also questioned whether the "Content: Tags" selection in the "Fields" section might be the cause, but I don't believe that is the issue, seeing as (see "11.15.33 AM" screenshot) the "Event Taxonomy Field" is "Content: Tags", which then allows me to select the "calendar_tags" vocabulary.

To "bottom line " it, it isn't working
As designed, or something isn't being explained clearly, as I have followed the steps to implement colors, yet all of the events, regardless of the taxonomy, are showing up as the same color.