Starting from Windows 10 Creators Fall Update, you can use VT escape sequences to colorize the output to console. You can use this to colorize columns in Format-Table, too.

A sample snippet, colorizing the output based on the contents of the "Status" field:

$somelist | FT FirstName,LastName,@{l="Status";e={
    switch ($_.Status) {
        "OK" {$color = 92; break}
        "NOT OK" {$color = 91; break}
        default {$color = 93}
    }
    "$e[${color}m$($_.Status)${e}[0m"
}}

A complete list of color codes can be found here: https://docs.microsoft.com/en-us/windows/console/console-virtual-terminal-sequences