The unique red color actually comes from rust
Rust, bacteria, and water are responsible for the stunning colors found within Bryce Canyon. In fact, Iron oxide is what colors most of the rock. It is found both in the original rock and carried on by groundwater. Bacteria also live on the surfaces of these rocks which expel iron, manganese and other minerals that stick onto the surface. This effect is called desert varnish, and produces that reddish color you are familiar with. The intricate white lines that decorate these colorful formations are formed when water runs over the rocks and deposit salt as it evaporates.
The red rock effect creating impressive vistas from viewpoints all around the park. Read this post for more ideas on taking in the beautiful views in Bryce Canyon Country.