Actually Mr Bernal is only looking at the evidence to support such legends passed down from antiquity. I think part of the problem is that when people think of colonization they think of the British or French, from a modern colonial standpoint. But what Mr. Bernal is looking at is the fact that between the time of the destruction of Minoan civilization and the birth of Hellenistic Greece, Egypt was one of the primary Empires of the Mediterranean. Given that, he is looking to see how extensive the contact was between the early Hellenistic Greeks and the Egyptians. Maybe the word colony is too strong of a word, because it conjures images of domination and subjugation, however, the idea is that a small community of Egyptians may have gone to Greece and been there during its early development, influencing them in certain areas. There is no doubt that similar settlements probably existed consisting of populations from Asia Minor, like the Lydians. So from this backdrop of interaction with other peoples from older established civilizations, as well as other local cultures and civilizations, like the Myceneans, Hellenistic Greece was born. The contact between Greece and Egypt isn't far fetched considering that Egyptians have paintings of Minoans in various tombs from the 18th dynasty.
None of these themes are new or unique as many scholars have said similar things in the past. Mr. Bernal is only trying to flesh out more details on the nature of the relationship in his books. There are many areas which other scholars have touched upon which show Egyptian influence on Greece for the idea of influence to be dismissed, but I agree that colonization may be too strong of a term, implying complete and total domination of Greece by Egyptian rulers. There isn't even any record in any remaining Egyptian art that shows the Egyptians receiving tribute from the Greeks after the Minoans were defeated. That would be a sure sign of more substantial interaction between Egypt and Greece.
Another book that touches on similar themes is Black Spark, White Fire and a whole host of books and articles written by scholars over the last few hundred years, going back to the writings of the Greeks themselves. Even modern Greek scholars accept that there was influence from throughout the ancient World on the development of Hellenistic Greece, which would include Egypt.