How likely is it that that can be avoided if, as in this context, the starting point is the current standard not being that great? It pretty much has to end in 2 different competing standards. Or there can be 2 different flavours of the existing standard which are quite likely to break interoperability and make reusing the name an annoyance rather than a help.

A downside of existing standards is it means it is quite hard to innovate on them.