Errr no. Remember this has to be painted on the SoC. The entry level SoC is only of limited size. One letter and one number can be painted on relatively easily and big. "M1 foo bar baz " would need to be a much larger SoC.
This system of one letter coupled to one number is not all complicated. There is no huge need for a "fix" here (none which make it simpler or more straightfoward).
On the smaller SoC do not need any words/adjective becuase they have a narrow and striaightfoward task. Just be the common SoC used in a wide number of products. That is it. "Wide number of higher volume" products is going to be the 'consumer' products.
The much bigger dies are going to much more expensive. Higher price , relatively fewer buyers ... can have longer names, but limited to 1-3 letters.
Super jumbo packages might get multiple adjectives, because lots more space to write a super long name on.

But likely also eye watering expensive to vast majority of general Mac market customers so really doesn't make a difference what its name is ; not buying it.
The SoC are NOT the primarily point of Macs. The tech nerd minutiae into CPU cores properties are pursued in forums like this , but going into delusional land to think that sells product to most Mac customers. It doesn't. This is why Apple's "Tech specs" page is more like a structuring formatting marketing page than anything substantively technical.
The "M" is so can pick out what to match up to compare. the number is a simple ordering that most should have learned by finishing grade school. 2 > 1. 4 > 1 , 10 < 11 .
If there is a suffix match the same suffix and prefix and the numbers do ordering.
What is the difference between a "Pro" and "Max" ... look at the price tag on the system. It will be as obvious as turd in punchbowl. The pricetag is higher/lower.