The main reason that black cattle are more popular is primarily because of the Certified Angus Beef program. Of course, Black Angus cattle are what is needed to qualify for this program, and they traditionally have brought more at the finished beef markets. CAB cattle have a number of requirements to qualify for the program, and one of the first is that they be "black hided".
I do not in any way wish to say that cattle of other colors are not good. They are. It's just that in this day and age, in auction barns, "black is beautiful".
As for the white ring around the eyes, the reason for not liking that is because cattle with black faces have a lower prevalence of pinkeye. Pinkeye is an infectious disease that often causes cattle to go blind if they are not treated. Flies are what carry the disease from cow to cow, and they seem to prefer the white around the eyes.
Now---I am sure that many of you will vehemently disagree with me on this, but I strongly recommend that each and every head of cattle have an insecticide ear tag put in each ear. This will definitely cut down on your pinkeye problems, and also enable the cattle to suffer much less during the fly season. Be sure to apply the recommended amount of tags. They don't work nearly as well when you try to "skimp" on the amount. If they recommend 2 in each cow, and one in the calf, be sure to comply. Many people have tried different ways to save a few bucks, and put only one in each cow, and one in the calfves, but this won't work nearly as well. The amount of suffering that you will save your animals from is unbelievable. And---they will gain weight and grow much faster if they are not being tormented by these nasty flies.