Color to Texture

import bpy

# Make sure you model has been UV unwrapped

# Set the render engine to Cycles
bpy.context.scene.render.engine = 'CYCLES'

# Create a new image to bake to
image_name = "BakedTexture"
image = bpy.data.images.new(image_name, width=1024, height=1024)

# Iterate through all materials and assign the new image
for mat in bpy.data.materials:
    if mat.use_nodes:
        for node in mat.node_tree.nodes:
            if node.type == 'BSDF_PRINCIPLED':
                # Create an Image Texture node and assign the new image
                image_node = mat.node_tree.nodes.new('ShaderNodeTexImage')
                image_node.image = image
                mat.node_tree.nodes.active = image_node

# Bake the base colors
bpy.ops.object.bake(type='DIFFUSE', pass_filter={'COLOR'})

# Save the baked image
image.filepath_raw = "//baked_texture.png"
image.file_format = 'PNG'
image.save()