Well, it could be some of the original leather's coloring, but it could also be the removal of other products applied by bubba like shoe polish, oil, and who knows what that may have been applied. Oh, and yes, dirt and grime could be getting removed as well. My advice is to proceed slowly and gentlely.
Lastly, my first holster (black 1939 vintage) had gloss black spray paint applied?!

After meticulous and careful effort I was about to remove the paint. I used plastic and dental picks to pick and pressure, that eventually flaked the paint off the leather and stitching. I was amazed how well the holster looked after hours of work. My point is that it can be worth the time and effort. I saved a holster; you can too.