Yesterday…i was farming rainbow goblins for 14+ hours and i saw only 1 rainbow goblin…
I haven’t try to farm rainbow gobbos, but I found about 5 this season, one when I was leveling to 70. It’s pure rng.
Found 2 pet goblins leveling to 70.
Was pretty amazing 
Try hunting them at night with this tune playing…
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easiest way to find rainbow gobs are 2 ways that I know. One would be to join a Rainbow gob farming community or doing bounties in groups.
It’s amazing!
I used Meteorblade one simple trick!
And I got 5 rainbow goblins in just under 2 hours! 
You can also used Babymetal songs!
https://www.youtube.com/watch?v=GvD3CHA48pA
Good luck with rainbow farm. I was going for it in season 16, i farmed few days to have best optimized speed build for finding goblins, then when i met my first rainbow goblin i also found princess and wings, heh.
Anyway, time to time Im helping others for finding gobs, best / fastest routes what works for me are:
Cave of the Moon Clan
Cathedral Level 2
Ancient Waterway
The Core of Arreat
Caverns of Frost
Pandemonium Fortress Level 2
I’ve had pretty great results running these areas, you can do them fairly quickly then exit the game and start another:
Act 1
- Northern Highlands - do a loop below then above.
- Southern Highlands - run to Cave of the Moon Clan, clear both levels.
- The Royal Crypts - up to Skeleton King entrance.
Act 3
- The Bridge of Korsikk - Caverns of Frost
(if you see another cavern, leave, only 1 spawns in this zone at a time)
In 4-5 runs through I found 2 rainbow goblins and had 1 spawn the Cow Level.
The necromancer has arrived to resurrect the dead.
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I looked up a goblin farming route and checked it out. It wasn’t that bad at all. I found several. I did it just for grins. Then I started doing bounties because I needed the mats. I found more goblins, including the rainbow one, doing bounties. Win win to me. Bounty mats and goblins.
While true, Dio - Rainbow in the Dark is awesome, i can’t speak time for wings vs 1000 paragon…