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In light of recent events, here's OpenStreetMap editors discussing naming of the Gulf of Mexico
(community.openstreetmap.org)
This is a most excellent place for technology news and articles.
The name itself can't really change in OSM because it's based on what someone "on the ground" would see, i.e. street signs, etc.
Previous OSM naming conflicts have usually been areas of disputed land where some group de-facto controls the land and therefore the street signs, and therefore the OSM 'name' and 'name:en' tags.
That's not going to work very well for a big region of mostly international waters between several countries.