Personally I think the name change of the PPV is pretty much irrelevant. I doubt people decide upon tuning in to the event or not based upon the name of the PPV. Those people who have the WWE Network are probably going to watch the event regardless of it's name. Those who don't are either going to purchase the PPV, or illegally stream it, or pass on it altogether, regardless of what it's called. I cannot imagine fewer people will view the event, however they choose to do so, because of a less catchy name.
It's not like they are totally abandoning the concept of the Elimination Chamber altogether. I'm sure we will still see the occasional Elimination Chamber match occur from time to time, which will probably involve more anticipation when it becomes more of a unique and occasional event, rather than a generic PPV carrying it's name. For all we know, there could still be an Elimination Chamber match during the Fast Lane PPV. It could be argued that the Elimination Chamber PPV, now that there is just one major title in the company now, is misleading in that there is only one Elimination Chamber match during the PPV anyway, with the rest of the card occurring in a regular ring outside of the Chamber. Personally I wouldn't be surprised to see the Hell in a Cell PPV eliminated and renamed next. Not to say they will do away with the Hell in a Cell concept, but rather, naming the entire PPV after a match which typically only occurs once during the night (twice this year).
The fact of the matter is, the whole premise of the Hell in a Cell match and the Elimination Chamber match has become so diluted that I wouldn't care if they were abolished altogether anyway. There is nothing special about any if these cage matches anymore anyway; they are typically the same matches that occur on any given evening on any given show, which just happen to have a cage surrounding them. The physicality or brutality once associated with these matches is pretty much gone. There's rarely any blood (not that I think there needs to be). The cage is not used as a weapon as much as it used to be. Frequently during these matches, exclusively designed to keep the competitors inside and other people outside, this doesn't happen anymore. The lights go out, and lo and behold, the Wyatt's are inside the cage. Guys come up through the floor, the cage gets unlocked and guys get in or out when they're not supposed to. The cage raises up, letting guys in or out, whatever. The whole magic of the cage match is gone from today's product anyway. Point being, it could be argues that there is no point behind these matches anymore anyway. And likewise, no point in naming entire PPV's after them anymore either.
"Fast Lane" is fine. The name of the event is not really the point anymore. The action which occurs should be more of the focus than what it's called. WWE would be better served to focus on this, rather than the name of the show.