Minecraft allows prefixes, suffixes, objective titles to be in raw JSON format (except the ones requiring resolution), what can be tested by running these commands:

/team add example_team {"text":"Unreal Team", "color": "#e7edc5"}

/team modify example_team prefix { "text": "[Unreal Team] ", "color": "#e7edc5" }

/team join example_team PlayerName

/scoreboard objectives add objective dummy { "text": "S C O R E B O A R D", "bold": true, "italic": true, "color": "#e19fb9" }

/scoreboard objectives setdisplay sidebar objective

/scoreboard players set PlayerName objective 420

Which would display the following scoreboard on screen:

{{net.md_5.bungee.api.chat.* }}contains helpful classes to format text into this format. It makes sense you could use these classes (or at least their serialised values) with methods

• org.bukkit.scoreboard.Team#setPrefix
• org.bukkit.scoreboard.Team#setSuffix
• org.bukkit.scoreboard.Team#setDisplayName
• org.bukkit.scoreboard.Objective#setDisplayName

Allowing this gives plugin creators simple ability to not only format texts (which already can be done using ChatColors API) but more valuable use client-side rendered texts, such as localised strings and keyboard shortcuts.