There is no default/native function in wordpress to count posts from a specific meta value. wp_count_posts only counts the amount of posts according to post type
It might be useful here to use WP_Query to create a custom query to get all posts with that specific meta value and then use $wp_query->found_posts to get the post count.
This should do it
$query = new WP_Query( array( 'meta_key' => 'color', 'meta_value' => 'blue' ) );
echo $query->found_posts;