Not able to factory reset photon only blinking blue continuously

What system version have you got on your device?
If you are in fact seeing white after hold SETUP & tap RESET I’d guess your device is pre 0.4.9, since then (or even before that) you can only enter Safe or DFU Mode that way.

So first I’d suggest to get the most recent CLI (currently 1.19.4) and perform

particle update

(in DFU Mode - blinking yellow)

And then you can move on to wiping the creds.
The photo above looks more cyan than white or blue to me, but as @cyclin_al said, that’s hard to tell on a photo.

The correct way to reset the WiFi creds is after power up only press and hold SETUP - no RESET.
After about 3sec the LED will start blinking blue to receice new creds and after 10sec it will rapidly flash blue, indicating the stored creds are being wiped.
After that your Photon should only start back to blinking blue and expise the SoftAP SSID.