So if one side has the FMG logo, that’s one “function” used up.
With the FMG side up, the colors provide a second function, which needs no other explanation; players in a game can use it for whatever IPC and unit stack amounts they choose, as long as it is consistent within any one game.
The third function remaining (the other side of the chip) can be something else…and this is key: it needs not relate to the color.
For example, the second chip side could be labeled either (A)ble, (B)aker, ©harlie, (D)og. One quarter of each set of color chips could be a different letter code. So you can have Red A, Red B, Red C, Red D all mean different things. Add in the other colors, and that’s 16 different possible meanings. Of course, it might mean another chart to remember what they all mean!
Just offering an idea here: if FMG is going to have multiple molds for the non-logo side of the chips, maybe it can be for some useful or flexible purpose beyond just “repeating” what the colors already tell.