OK. At least read this out properly before dismissing the issue. Even if you copy & paste, alt + 21, alt + 0167, § doesn't pop out. It doesn't matter what I do. I know these issues have been reported before but for some reason, it still doesn't work. I want to somehow use this feature in Java Edition as well as it's working perfectly fine in Bedrock Edition. I wouldn't exactly call it a bug but please consider fixing this. I'm planning to create a private server for me and my friends and I wouldn't want to make the texts boring all throughout. If there are any alternatives to make formatting text without using the section symbol (§), please kindly inform the community about it. I'm sorry if I'm bothering or anything but I was hoping to get this fixed as well in the upcoming release of 1.16 for the further enjoyment of the game!
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thank you
The § sign is supposed to not be able to be typed in Minecraft, see MC-1572.
That being said, the formatting codes you're talking about still exist, but are slowly being phased out of the game. A replacement exists, namely JSON text. See https://minecraft.gamepedia.com/JSON_text for information on that. However, it is creative-only.
The section symbol formatting codes themselves were never really supported by Mojang either. They just happened to work when being copy-pasted.