Ooh, very interesting :-)
I am deep into the capture code these days so this case is of utmost interest.
Basically it should work like this :
1. The camera driver exposes a number of formats that it supports, usually what the camera can source.
2. The capture code creates a "Sample Grabber" specifying format RGB24.
3. The capture code calls DirectShow to connect the camera driver to the sample grabber, and DirectShow adds the necessary converters inbetween (the path to go from source to destination might have several steps).
4. During capture, samples are grabbed in RGB24, a Bitmap object is created with the sample inside, and the bitmap is sent downstream to the rest of the code.
In 1, the source format from the driver can be RGB24 already, but usually it's in some form of YUV format like YUY2, I420 (a list here). It may also be in a compressed format if the camera has on-board compression (MJPEG or H.264).
What might happen is that DirectShow cannot find the proper color space converter to go from the YUV format to RGB24, but normally if there is no match the connection fails entirely.
Another possibility is that it can find the proper color conversion chain but somewhere something is interpreting the source wrongly.
I think I still have a working PS3Eye, I'll also see if I can find something.
I don't know if the CodeLabs driver is based on the Microsoft UVC driver like for most cameras, I'll check that later.
If you want to start to investigate, you can download GraphStudioNext. Add your camera and look at the properties of the output pin.