Gravity Forms - Add new predefined bulk choices (including specifying label and value)

functions.php

add_filter('gform_predefined_choices', 'lunarwp\add_predefined_choice');
/**
 * Add custom Bulk Predefined Choices to Gravity Forms for Regions
 *
 * @since  1.0.0
 * 
 * @param array $choices 	Predefined choices array
 * @return array  		Amended array with our new choices added
 */
function add_predefined_choice($choices)
{
   //* (optional) Fetch the colors from somewhere in the database to avoid hard-coding

   //* Or just manually build it here
   $colors['Custom Colors'] = array(
   		'Black | 000',
   		'White | fff',
   		'Gray | 555',
   		'Blue | 049cdb',
   );
   
   //* To avoid scrolling down the list when you open up the Bulk Choices, 
   //* let's add it to the top of the $choices array.
   $choices = $colors + $choices;
   return $choices;
}