I think it's more about choices being more nuanced as you get older, not really losing preferences. E.g. one might not have a favorite movie, but could have favorite action movie or similar.
Btw, 'hot pink' is the correct answer to the "what's your favorite color" question.
That comes off as combative and doesn't make any sense. There's no connection between getting older and losing the ability to have preferences. I answer hot pink because it's true, and because it surprises people who think they know everything about me based on outward appearance.