The current model is
Red: Damage output, okay kill power
Yellow: Attack range and hitlag modifier for combos
Blue: Throw power and damage
Purple: Kill power
White: Exploding when attached
This could stand to be changed up a bit, for each pikmin to have different roles in hitting.
Red: Aerial knockback, most varied angles on attacks. Strongest vertical finishing uair of pikmin.
Yellow: Attack range and hitlag modifier, [strongest vertical U-throw and U-smash growth]
Blue: Low angle knockback- Uair, for example becomes a diagonal juggler like Falcon's/Mario's rather than a vertical juggler, while fair hits like Sheik's
Purple: High power and knockback, with most attacks launching at the Sakurai angle
White: Explode when killed, giving them "insurance" compared to other pikmin
The current model is for each Pikmin to have a [slight] role in a matchup- characters weak to throws lose to blues, aerials to reds, heavily comboed, yellows, and so on. While the current aspects of each pikmin can still stay, having more differentiating aspects makes it less cut and dry about which to use "in a matchup" and more about what Olimar wants to [use] in a situation. Setting up a combo with a Yellow, then switching out to a Blue to gimp at the end would be much more in model with the flavor of Pikmin working together [toward a goal], and make Olimar more in control of his army.