This bug has been around since... FOREVER. I bought a GTX 1050 a year ago when the latest version of VLC was 2.0 and now VLC 3.0 is out and they STILL HAVEN'T FIXED IT.
Screenshots I just took
Normal (washed out colors):
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After doing what the youtube vid above says (looks good):
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Videos look great on Windows Media Player and MPC-HC so WHY DO THEY HAVE TO LOOK SO UGLY ON VLC? And don't blame it on NVIDIA.