A crayon from 1998
Cotton Candy is a Crayola crayon that came out in 1998. The Wikipedia list of colors gives it as #FFBCD9. Crayola's crayon list now shows a slightly deeper pink, #FFB7D5, so treat both codes as screen guesses of the same wax color.
The candy behind the name
Spun sugar is white until dye is added. A dentist, William Morrison, and a candy maker, John C. Wharton, built a machine to spin it in 1897. They sold it as Fairy Floss at the 1904 World's Fair, as the Wikipedia article on cotton candy tells. Pink is one of the two most common colors for it in the United States. For other soft pinks, see carnation pink and lavender pink.

