I agree to a point. I think people have a right to name it whatever they want. As far as the drop down menu, It sounds like a good idea but people will mess that up.
Someone will start South West in Canada so they don't have to deal with the 60+ other airlines in the USA.
I try to model my airlines after airlines in real life as far as destinations goes. I gave up on trying to use the same aircrafts.
My biggest suggestion is, be careful what country you start in. I am currently playing as Air Europa in Spain and and there are 6 other airlines based in the country so I have a bit of competition. I'm finding out it's hard to grow. The world I'm playing in has 60+ airline in the USA alone so I wouldn't start an airline there unless it was at the start. After year 1 don't bother. Be careful if you start anywhere in Europe as there is often A LOT of competition. Try starting in Central America, like in Panama City because most airlines in the USA overlook Central America. Mexico normally has a few airlines, though the world I'm in now only has 1 airline in Mexico so you could get lucky. Last tip, don't start on an small island like Iceland as it is very hard to be profitable.