The colour names are a special case for Red and Blue, and also for the rival in the second set of games.
Whilst it is true that the manga has continued the trend of the colour names, the games have largely stopped doing so. In fact the first town in Generation III is "Littleroot Town" which the signboard says "cannot be shaded in any hue":
The Johto protagonists are Ethan and Kris/Lyra (depending upon whether you are playing Generation II, or their remakes within Generation IV) However, the rival is named "Silver", and
The Hoenn protagonists are Brendan and May, and the rival is Wally (and also May or Brendan depending upon who the player chooses)
The Sinnoh protagonists are Lucas and Dawn, and the rival is Barry.
The Unova protagonists of POKéMON Black & White are Hilbert and Hilda, and the two rivals are Cheren (which means "black" in a Slavic language, but since it isn't in English... eh) and Bianca (which, yes, has the Italian for "white" in it. But again, it's not in English).
The Unova protagonists of POKéMON Black 2 & White 2 are Nate and Rosa, and the rival is Hugh (which is used here as a pun of "Hue").
The Kalos protagonists are Calem and Serena, and the rival is either Serena or Calem depending upon who the player chooses, along with some other characters who I don't really remember.
By the way, I guess the fact I care about what Red is called here or not had ought not to be surprising, as my avatar is of Red himself!
Also, if it makes you feel any better, "Red" and (much more commonly) "Blue" are used as pseudo-given names sometimes. My younger sister once had a teacher who was called "Blue", for instance, and I have heard "Red" used for similar purposes before.