I don't know if I'm doing anything wrong, but if you do some tweaking in Colorista first, then open up MB Looks, you can't even see what Colorista did. Kind of useless.
Also, why get colorista when the same tools are found in Looks?
1. Make 2 adjustment layers over your clip.
2. Apply Colorista to the adjustment layer directly on top of your clip and correct.
3. Apply Looks on the adjustment layer on top of that and correct. The effects of Colorista should show up in Looks.
And to answer your question, because of the price difference, and because Colorista is more geared at a quick color-corrector, not like Looks which is more user-friendly and has dedicated options to get the results a colorist might be looking for.