If your band is truly a joint venture among the members, if it is going to be heavily promoted through all of the usual outlets, and if you have a really good idea for a name, you have all the reason you need to apply that ingenious name to your group and continue going about your business. However, I have a problem with the idea that every group that has a gig must also have a name, particularly when the group in question does not demonstrate the characteristics of a "regular" band (i.e. being a priority for everyone involved and playing out consistently).
I say this because I occasionally find out that I missed a show I would have really like to have heard simply because I did not know who was in the group, let alone what they actually do when they get together. Knowing the venue is helpful but is usually not enough by itself; if you also know who the performers are (all of them), that completes the circle. How ridiculous it is that this information is seldom available because everyone feels obligated to use their latest play on words in lieu of the name(s) by which they are known to the rest of the world.
If you go to shows based entirely on the name of the band, you have probably been to a lot of shows you hated. If you play with a rotating cast of characters and you rename each subsequent group, you are hurting attendance at your gigs. Your name, your instrument or voice, and the venue are both more pertinent and more helpful pieces of information. People who can't read minds (like me) will thank you.