I would say that pointer colouring is a type of pointer tagging. AFAIK the colouring in ZGC represents different states. So the memory page mappings rely on the pointer having one colour (1 of the 4 bits set) whereas pointer tagging is the term for the general concept of encoding information in pointers.
I find most developers I've met don't notice the distinction between the two types of time - I'd be interested to know whether people on HN have thought about it much before?
This is a really useful improvement if you're running a JVM on Docker, and about time too. We've had problems with this before no end and it normally requires a load of sysadmin time to work around things.