Attached is a pic of the settings. I deleted and reinstalled iCUE (which no longer has a red preset). I tried both just setting the fans to red and made a red "mural", with the exact result, all pink. I have a Lighting Node Pro in the system controlling the RGB on the AIO pump head, you can see that it's also pink. I've attached screenshots of the iCUE settings, as well as a pic of the system. The color seems pretty accurate; the red on the GPU is what I'd expect to see on the fans.
I uninstalled MSI Center/Mystic Light to see if it was causing some interference, but no change.