The Moon is barren, lifeless, airless, cold, and with excessively low gravity. People would only want to live there because of the novelty value- it seems cool because it's on another solar body and nobody has done it before. Once living off of Earth becomes more common, it will lose that novelty and become less attractive.
The moon likely is already a colony, of a non-human civ. 99,99999% of the human population is not likely to ever experience moving further up than a high mountain top anyway :reptilian: