It's not really a replication, as colout just _USE_ the pygments library. Colout just add the possibility to color code that is located inside a text that should not be colored, which pygmentize cannot do:
colout -a -s Python monokai < code.py # just like pygmentize
colout "^(:*)'(:*)'(:*)$" blue,python,blue < code.py # just the code 'inside quotes', not the rest of the line