It doesn't mean it's Blu-ray, but the drive probably uses a blue laser to read the discs as blue has a shorter wavelength than red and therefore allows the laser to read smaller holes. And since the holes are smaller, you can fit more in the same amount of space as a DVD. HD-DVD actually used a blue laser as well despite the fact that they were represented by Red.

So it could be a variation on Blu-ray or HD-DVD that uses a blue laser to read high capacity discs. They might avoid paying Sony (indirectly) royalties this way.