I say it's an useless term because "of color" encompasses groups that have more in common, socially and economically, with whites than with other "of colors". It encompasses groups that face discrimination and others that don't (or that indeed are known for discriminating, such as the Japanese).*shrugs* the term is useful in some contexts, less useful in others. You should however consider that it's obvious to the rest of us that your hostility to the term is connected with your general denial that racism is an ongoing problem in the US and elsewhere.
The world is not the USA of the 1960's, divided between blacks and whites. This division makes no sense, it's condescending and useless.
I do acknowledge that racism continues to exist. I do deny that "people of color", in general, are victims of racism. Many clearly are not, even at the group level. So if you wanna talk about discrimination that inner-city blacks face in parts of the US, talk about that. If you wanna talk about discrimination that Mexicans face in Arizona or wherever, talk about that. Don't talk about "communities of color facing hardship and discrimination" because that's bollocks and you know it.