The colored buttons have functions on certain screens. They are not programmable, as far I know.
You can program the numbers as quick keys. I have YouTube as 1 and Tablo as 2. I just found you can program a TV channel into a quick key. So a quick key can substitute as the TV key while LG sorts this out.
Go to any TV channel, maybe one you watch a lot. Hold down the number you want to program (eg 1) until you get a pop up asking if you want to add the channel to quick access. Click yes.
Now, no matter what app you're in, if you long press 1, it'll take you to that channel.
BTW, I tweeted to LG about the issue and they've sent me a link to submit feedback. https://t.co/pGJGIpeYBw
Maybe if you and I (and maybe others) report this as a problem, they'll push out an update.