Asus VG248QE changing refresh rate to 120/144hz changes color? why?

I bought a Asus VG248qe and I've read people talking about how color is bad.

When I first turned it on, the colors looked absolutely fine to me, and I was disappointed that I didn't see much difference in gaming.

Then I realized I had the refresh rate set at 60hz instead of 144 hz. Facepalm moment.

As soon as I changed to 144 hz, every motion looked incredible. So smooth.

However, I noticed immediately the colors became washed out. I would have to calibrate it but why does this happen? Does it have to do with Gamma levels? Are colors look washed out because monitor is pushing twice as much as framerate or something? \

Also, if there are others who own this monitor, could you post the monitor menu color settings?

Thanks.