Where did the standard loot rarity ranks / colors come from?

How come in all video games which have a loot rarity system, they all use the same colors and names.

The highest level is always legendary that’s gold, then there’s epic that’s purple, then than rare that’s blue, then uncommon that’s green and finally common which is grey.

I have seen the exact same names and rarity across video games, genres, developers, etc.

Why is this?

Are these taken from some prehistoric game like Quake or Unreal Tournament and happened to be adopted as the standard rarities across the video game industry?