By straight arithmetic, the increased damage you cause to the tank is precisely cancelled out by the reduced damage to the other heroes, assuming all your heroes and troops are equally strong.
Yes, you potentially get the benefit of ghosting, which is good. But this is offset by the fact that you are reducing your expected damage.
Because our assumption above - that all your heroes and troops are equally strong - is almost always false. When you substitute out your best hero and troop of one colour, and bring in your second best hero and troop of another colour, you are usually downgrading. (Even more so if you triple stack.)
So when you’re colour stacking, you are betting on the benefits of ghosting outweighing the detriments of using heroes and troops that are not your best. Sometimes that pays off, sometimes it doesn’t.
Plus, you’re dramatically increasing your volatility. So if you get an advantageous board you can destroy opponents easily - even opponents with much better heroes than yours. But if you get a bad board, you can lose to opponents you should walk over.
For me, the bottom line is that stacking is a great way to raid up - you can beat lots of opponents you’d otherwise lose to, and climb high on the leaderboards. I think it’s a terrible tactic to use when filling your raid chest, though. Instead of collecting 8 easy wins and some lovely ascension materials, you have a good chance of going. 6-2, or even 4-4, and delaying the payoff by many unnecessary hours.