Both 'What sport do you like?' and 'What sports do you like?' are grammatically correct, but the first assumes that the person only likes one type of sport. If you are asking a general question about people's interests and hobbies, it would be normal to say 'What sports do you like?, as most people like several sports.
It's the same with colours. It's very unlikely that a person would like only one colour and dislike all other colours. So, if you are asking in general about someone's likes and preferences, you wouldn't say 'What colour do you like?' The only natural situation in which you'd say this is if you want the person to choose one out of several options. For example, if you want to paint your bedroom walls and you can't decide on the colour, you might show your friend several paint samples, and say 'What colour do you like?', meaning 'What colour do you like best?'