In the Display > Color Management preferences, you can turn on gamma correction for UI widgets like the color chip. On the PPG, there’s a visual cue (a “dotted highlight”) that tells you whether gamma correction is on.

Gamma-corrected color widget:

Regular color widget (no gamma correction):

Also, you can right-click the color chip to toggle gamma correction on and off for that specific widget.

This is all in the docs, but I have to admit I found that out only after I noticed this on my own. Too bad, because if I had known this, I would have figured out sooner why my color chips looked so “faded”:

(because at some unknown point in time I had enabled the display of gamma correction for UI widgets, and then set the Profile Source to “From LUT File”)