American here. It's not just a British thing, but it's definitely not a very common use of the word.
I think "riot of color," however, is just one instance of a particular, positive use of the word "riot." More broadly, "riot" can mean something like "a really fun thing" (as in "Let's hang out with that guy, he's a riot!"). But I'm not surprised that Element/Riot found that this was not the primary association that folks were making.