Can formula cause colic?

Yes. Technically, colic is "unexplained crying"; but lots of babies who have colic, get better with change to a hypoallergenic formula or breast milk.
No. Colic is still a mystery to us in the infant field, but what we do know is that it's more of a developmental issue than a gastrointestinal issue. We also know that some formulas aren't the right fit for all babies, and may result in gassiness, but this should not be confused with colic. Most colic is there-and-gone by 2-4 months of age; formula problems will persist past that time frame.
Yes. Colic is a behavior where a baby has unconsolable bouts of fussiness for hours. For some babies these episodes can be caused by formula intolerances and when changed to a compatible formula, the so-called colic disappears.