The background assigned by the renderer is overridden by the background color of the JList selection, which is used in the pop-up window for the combo box. Check out the paintCurrentValue method of the BasicComboBoxUI class. Therefore, a workaround:
JComboBox comboBox = new JComboBox(...);
Object child = comboBox.getAccessibleContext().getAccessibleChild(0);
BasicComboPopup popup = (BasicComboPopup)child;
JList list = popup.getList();
list.setSelectionBackground(Color.RED);
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