I can kind of see the logic behind person of color vs colored person - putting the "person" ahead of the "color" - but it still seems like such a distasteful term to use, considering the history behind the term "colored person" and the extreme similarity between the two terms.
Also, of course, because it frames ethnicity as being just "white" and "not white". It's still using white as the baseline, and using one catchall term for everyone who is "not white".