@bluedolphin-- I think cedar mulch naturally has a reddish color. So that could be the alternative you're looking for but it costs a lot more than regular red mulch.
As long as the dyes used are non-toxic and safe, I think that color enhanced mulch is a good option who want the functional benefits of mulch as well as an attractive appearance.
Growing up, there was a house on the corner of our street. It was a red brick house and the yard was gorgeous with lush green foliage and shrubs. The trees and the shrubs always had red mulch underneath which emphasized the color of the house. It was so beautiful, I loved looking at that house while the school bus drove by. I think that color enhanced mulch can make a huge difference in the appearance of a garden or yard.