Can I rename a utility function based on its properties? A big name researcher gives a name to a specific utility function 30 years ago. Now I am writing a paper and feel that a new name might be more suited because of the properties associated with the utility function.
That name was not heavily cited.
Can I give it a new name, or will the readers find the new name weird, overwhelming, and confusing?
You can do whatever you want, it's your paper. Will it make it more difficult to publish? Yeah. Referees are fickle and easily annoyed.
You would not be the first person to go down this route. For example, the term Maskin monotonicity is common place in implementation theory. However, some authors use another term, I believe Maskin invariance. The claim is that invariance is a more appropriate term for the definition. Its worth noting that all of these authors had the same advisor who is a giant in the field.