The colour strip was a liquid crystal thermally sensitive display, much like those stick-on aquarium thermometers. As kjr18 says, it has a resistive heating element underneath it, and sucks a fair bit of current, shortening the life of the battery, particularly if you use it a lot.
I can imagine if the battery compartment is tight, it could activate and drain the cells in pretty short order, which might be why they stopped making them.