Pantone was a brilliant solution to the problem of how to get reliable color production
without affordable spectrophotometry and/or colorimetry. They made ink, named some
colors, linked the names of those colors with formulas based on the inks they made- and voila-
consistent color that was as consistent as the inter-batch variations in ink production, human
acuity in weighing and mixing ink, and human capacity to assure a consistent press condition
could provide.
In the context of ubiquitously affordable spectrophotometry and colorimetry- the only thing anyone
needs today to accurately convey color specification for use in printing is a spectral reflectance distribution
or a L*a*b* coordinate. Ed Hagen's
www.projectbbcg.guide discusses this all at length.