My TV (recent Samsung QLED) ignores it, too. Came up with some default name. Had to edit the name in the TV UI.
Yap, that's what I did, but for my Nintendo Switch and the Google Chromecast TV, it works and apart putting the correct name even puts the logo/image of the brand.
My sat box is detected as unknow, so I start the wizard and in the end when asks the provider I do a search with "Gigablue" Tv finds it and puts a sort of receiver image/logo with Gigablue name that I can edit later to whatever I want.