I’m having strangeness with aliases as well. I’m finding that aliases show up with the color bar of the original file or folder, even if the alias isn’t tagged itself. If you tag the alias, you get the correctly colored dot but the label color stays as per the original file or folder.
In the screenshot above, Test 1 was tagged, then the alias was created. The new alias has the label color of the original even though it’s not tagged.
Test 2 had the alias created, then the original was tagged. The alias stayed unlabeled for a moment, then picked up the color of the original with no action on my part.
Test 3 had the alias created, then the original was tagged. When I tag the alias, the dot is applied correctly but the label color picks up the original color.