Yellow blood is seen on our planet in some beetles and sea cucumbers. this is because they have vanadin instead of haemoglobin, vanadin contains vanadium which colours yellow when in the presence of oxygen. Though vanadin does not help with the transport of oxygen and is most likely though to be a defence mechanism as vanadium can be toxic, though this is not 100% sure. These animals instead transport their oxygen by just dissolving it in their blood. This is not as efficient but due to their bodies requiring less oxygen they can get away with this. this is also why red blood is so common due to it just being very efficient. Though I think this is not likely as the experiment would just need way more oxygen than yellow blood can provide. So I think it's not actually based on that and just a colour chosen for gameplay/lore purposes
P.S.
I am not an expert on this and this mostly from the knowledge I have from being interested in subjects like these and some googling