You can’t really trust the orange tip anyway, since criminals have been known to paint that on real guns to trick cops, with mixed success.
Regardless, from a police officer’s perspective, you only have half a second to tell whether an object that someone is getting out of their pocket is a gun or something less harmful, like a cell phone. So it’s understandable why they chose to shoot in this situation.
Of course, if it were harder for the general public to get guns, then police wouldn’t be put in these situations where they have to make life-and-death decisions in under a second, but we have to live with the consequences of which rights we chose to value.