Hey there @wbirkas! Great question. However, it's more about looking good.
While the white on pink looks visually appealing, it fails nearly all of the color contrast tests. As a result, it would make it harder for visitors who are color blind or have other visual impairments from being able to use it.
I would go with the black on pink, especially if you make the font larger. It passes most of the color contrast tests:
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