My understanding of Hybrid bowling balls is the appearance has nothing to do with the performance.
A pearl bowling ball has reactive coverstock with an additive added to give it "pearl" performance characteristics. How much of the additive will be decided by the manufacturer to give the desired performance.
Now let's say you added 10 units of an additive to a reactive coverstock and now you have a solid and pearl of a ball (both very popular). The difference in performance is typical with the solid being sanded and early while the pearl is polished and more "skid/snap".
Market history says a hybrid will be popular also so the manufacturer produces a ball with 5 units of the pearl performance additive to produce a ball with performance that falls between the solid and pearl.
As for appearance, there are pearl additives added to the coverstock that when polished to a high grit give the ball that typical pearl look. These additives don't have a discernible affect to the performance of the ball.
You can have multi-color reactive and pearl coverstocks and you can have single color hybrids.
If the colors truly represented the different coverstocks, drilling them to get the desired performance would be very difficult. Imagine trying to drill something like the Storm Frantic to get the desired reaction:
