Why color name is not displayed in the text field beside color
It is intentional. When I made the component, I felt the usability is better when I clear the field after the input. Especially in the case you want to try out several css color strings and see the result.
In version 1.4.0 there is an option not to clear the input field after color selected.
https://github.com/TatuLund/ColorPicker/issues/5#issuecomment-1817598226