“Person of color” can be found in legal documents going back to the early 1800’s. There’s no “evolution” here. It’s all for political purposes. “Colored people” became “black ”became “African Americans” became “Black” (capital B). “People of color” is more broad and used to form a progressive coalition against “whiteness”, or rather the Western European tradition. In fact you could argue PoC doesn’t include Blacks as BIPOC is the fresh term to convince non-white people and so-called “white allies” to organize together so as to obtain power against the white oppressors.
Yes, when you examine the history here it appears neurotic, paranoid, and divisive. But I’m sure a few people have been able to acquire a slice of power from exploiting it.
The rest of us will just continue to politely smile and nod and then roll our eyes and smirk as we turn away.