If the latter was intended, it would seem to be counterproductive. After all, it's not good gamesmanship to rile your opponent before the game!
The rationale for this color scheme was that pink would have a calming, relaxing effect on the opposition, apparently. Apparently, rooms that were painted a mixture of a gallon of white interior paint and a pint of semi-gloss red yielded a particular shade of pink that Alexander Schauss proposed to try, and a pair of naval officers who directed the Navel Corrections Institute in Seattle subsequently found, to have a calming effect on inmates.
It is known generally as Baker-Miller pink; or informally, drunk tank pink.
Whether rooms colored with this shade of pink do have a calming effect on those within is certainly something that deserves empirical research.