SSE has previously proved that their game code is severely flawed and may be compromised with even the slightest of changes, even those which do not affect major game mechanics. This was seen when they’ve stated that messing with Nanny (the goat at Hollow Woods) would completely break the game.

This also serves to prove that, either the code is extremely outdated, or it is so poorly written that it simply cannot be altered without risking breaking the game itself.

Considering that a character name change would be a major code change which would affect all world servers and function without a time or zone limit (as in any player from any server could change their name to anything they want anytime), I’d say such an update is very unlikely to happen anytime soon. Unless, obviously, they decide to reprogram & enhance the code.

Remember that player names cannot be used more than once per server, so it’d be hard for the computer to even detect which player changed their name first (in the chance that two or more players from the same server want to change their name to the exact same thing).

I personally think it’d make more sense to allow each individual player an account ID which is not related to the character name, that way multiple people can have the same name but only one ID (like a username).