I am not sure how this prevents the 2 problems with passwords. Mainly password reuse them or people choose something to guessable.
I suspect people here will choose only simple shapes and won't use all the colours. It also is not currently compatible with password managers. I suspect there is even users of a password manager might reuse what ever they drew here. Secondly, it has the problem that this input method can't be easily obscured from an over the shoulder snooping.
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It's an interesting idea (although I don't think it would be very practical as an actual password) but you should also have some indicator other than colour to differentiate different types of input, for people who might be colour-blind.
I suspect people here will choose only simple shapes and won't use all the colours. It also is not currently compatible with password managers. I suspect there is even users of a password manager might reuse what ever they drew here. Secondly, it has the problem that this input method can't be easily obscured from an over the shoulder snooping.