I think it's a bit of both. The light blue color used is so called "complement color", meaning it's exactly the opposite on the color wheel to the Coca Cola red. Black and white pattern suggests to our brain to play with contrast. And of course we all know Coca Cola from all the marketing.

Btw, After staring at it for a while I can kinda switch between red and white at will. Anyone else?

Someone did a color swap and the can looks blue when the cyan pixels are instead yellow

https://lemmy.world/comment/10968050

It's effectively your brain doing automatic white balance, it sees everything being tinted cyan so it just sorta subtracts cyan from the area, which results in white being reddish

you can do this physically (by tiring out the colour-sensing cells in your eyes) if you stare at a colour for about 30 seconds then quickly look at a white surface, you should see the inverse of the first colour.

The cyan is the one playing the trick. I can see the black and white nature without zooming when focusing on the logo or something. Sometimes it randomly changes from b/w to red

I have myopia so if I place the phone far from my face I can't see that it is even a can... I still see a little bit of a red area there.