I think keeping the name Cy Young Award is a given at this point, as your question seems to recognize. A "Cy Young" pitcher is a thing unto itself. The award inflates his legacy a bit, but he obviously was truly great so no real harm done in my view.
Naming the batting titles after players is just unnecessary and dumb, I think. However, I guess it doesn't really matter since no one will ever, ever, ever refer to them that way except for the occasional references that will always be tongue in cheek ... because pretty much everyone thinks that naming the batting titles after players is patently dumb.
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