Frankly, I'm surprised that Colt hasn't been bought out by a more competent manufacturer simply for the "name value" and rebranding opportunities. Say a Steyr M9 offered domestically as the new Colt Trooper (Auto).
Colt would love to sell their handgun division - it's been up for sale for decades, but the asking price is way over what anyone's willing to pay. The various contenders can make Colt-style guns (1873 and 1911 models) under their own names, make more money, and out-produce Colt while doing it. In addition some of them do what Colt would be doing if the parent corporation supported them – which is make other guns as well.
Obviously a competitor does not need the Colt name to sell Colt's own handguns - or AR-15 rifles for that matter.
Hopefully it will dawn on everyone that the top-brass at Colt’s don’t give a rip about making handguns beond what they are doing now. They might or might not come back into the polymer frame/service pistol market and try to cut themselves a piece of the law enforcement & military pie. They have noticed that Smith & Wesson successfully did that with their new Military & Police lineup of guns.
But in and of itself, that won't make Colt the kind of major player they once were.