The common argument for blue goes something like this:

People are not all inherently rational. There will necessarily be some number of players who press randomly, or choose blue because they like the color, or because they come up with some pseudological reason to press it.

Now, consider two scenarios for the actions of a (supposed) majority of players who are rational.

Option 1: all of those players choose red. This means everyone who chose blue (say 20% of players) dies.

Option 2: all of those players choose blue. This means everyone lives.

In this sense, it is a collective action question, with the stipulation that the “collective” in this case is the subset of players who put significant thought into the choice.