The color is the result of oxides forming when the hot metal is exposed to air. Welds that are slagged immediately will turn blue. If the weld is allowed to cool somewhat before removing the slag, the bead will appear to be dark straw, or light straw depending on how low the temperature is when the weld surface is exposed to air. If the weld is cooled to a temperature below say 300 degrees F, the weld will appear silver.
If the root surface is not protected, it will be exposed to air while it is still very hot and it will appear to be black and crusty. Again, it is simply oxidized metal, i.e., chromium, nickel, iron, etc. Welders sometimes assume it is "carbon that has been burned out of the metal". Not the case. It is simply oxidized metal.
While the mechanical properties of the base metal are not affected, the corrosion resistance is affected. Thus any oxidized material should be removed if it is used in an aggressive wetted environment.
Best regards - Al