As I'm waiting for replies from Yeelight support, thanks to the other users for your replies.
@Malfunction I sort of have to rule out the hot bulb hypothesis for me. I haven't been able to keep it on enough for it to actually get hot. I can't return/exchange the bulb, so before just tossing it out, I want to see if the problem might be either the server or the firmware (see below).
@pete_l I've found Yeelight servers often to be spotty. You see even from other replies above that the pinged out, and when I first set up my other Yeelight I had to try a couple of times, different days, before I actually was able to bind it (following other users' suggestion I found here on the forum).
I'm not sure how stable the Yeelight servers are. Plus what's odd is that at various times of the day I'm able to reset and find the connection, other times the bulb doesn't even create a local hotspot (but sometimes it does), sometimes the connection times out. Other times when I try to reset it just loops the flashing colors without ever changing to white, then I try again after a while and it seems like I'm able to begin the resetting process, but it connects or not. It's all very buggy.
And to be fair, Yeelight support here has always been on point. I'm wondering why it's taking so long for them to give us an update on this problem we're having.
Like you said, it's sorta encouraging that it's not just me, but other users like yourself are having problems with the color bulb, too.
To be honest, I suspect the latest firmware since it all started to happen when I updated it. You?