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In case you missed it,"To make sure to clarify the grounds of my Pyxis Label suggestion, streamlining the check, communicate, and open process "party wide" is the goal with the visual indicators.The suggestion is targeted at times when a party has lots of chest to check when quick and accurate communication is needed to pop open all the desired chest before they despawn.
Depending on how many chest have dropped after a major pull, there are times when one key person is simply not enough to do this entire 3 step process effectively with enough time to spare for opening. No matter how fast your targeting finger is, there is in fact a slight lag from checking a pyxis that can't be helped and thus slows the process down even more so in the event of lots of chests to check.
The pyxis labels would allow for anyone in the party to help quickly identify the contents of the dozens of blue and red pyxis whether they have keys or not. If that player that's on key duty (or anyone in the party with keys) could look at a handful of chest and determine which ones to key open with just a glance, then you would be correct in your saying, "No verbal communication needed". Without it, you still have to say things like,
"ISL by me. No, to the far right. Well I know there's 5 blue chest to the far right ><. (all the while time is being lost) Here, right where I'm standing."
In this same example, the person on key duty could simply say
"ISL.", and the now activated visual pyxis label would do the rest."

