The blue pill is likely an addictive prescription drug like a benzodiazepine or oxycodone. The blue hands are a likely reference to heroin overdose.
A SiriusXM blog post quotes Halsey:
My song "Colors" [released in 2016] is about being in a relationship with someone and kind of watching the vibrancy slowly start to leak out of them ... ...
This is a callback to a metaphor introduced in the first verse.
I used to believe
In the days I was naïve
That I'd live to see
A day of justice dawn
And though I will die
Long before that morning comes
I'll die while believing still
It will come when I am gone
Esmerelda wants to live to see "A day of justice dawn", until the metaphorical coming ...
A search of the lyrics reveals them to be rendered like this:
Everybody loves a landlord
Everybody's bosom friend
I do whatever pleases
Jesus! Won't I bleed 'em in the end!
And it's noteworthy that there's almost no punctuation in the lyrics as written: listening to the song, there is a pause at the end of most lines. "Jesus!" is also a repeating ...