There's something to be said about Hero association and it's tendency to give awful hero names to random heroes. In the latest chapter 221 - Emerging Power, Hero Names Victims Association wants Saitama to become their executive because he's the highest ranked person with a name that bad.
And not without good reason, because their names are just as bad. Red nose, Dr. Grumpy Pervert and The Great Degenerate are honestly wild and the Hero association commitee should be fired for making people put up with such names. Names have power and they can easily give a hero bad reputation simply by associating them with the name. Nobody wants to be named pervert or degenerate or toupee or what have you.
Chapter 45 - Hero name
Taking two hours to decide horrible names without any input from the heroes themselves is honestly criminal. Sure, some heroes have fine names like Genos when he's named Demon Cyborg, but not allowing the hero to name themselves is just another strike in the long list of things Hero association could do much better in.
Saitama knows better than anyone the power of reputation and how fleeting it is, especially with his latest run-in with Amai-mask and how he turned from hero to monster and all that good reputation was gone in an instant. Saitama's hero name is bad enough, but it is easy to associate such a silly hero name with negativity, rather than if his hero name was actually great and cool, then people would actually believe in him and have faith in him instead of just making assumptions.
That's why he's so serious about this new organization at the end of chapter 221 - Emerging power, even if it's a bit humorous how he takes a simple name association organization so seriously. But no doubt he's eager to see if he could change his hero name through this organization, because he's always been really self-conscious about his bald head.
There have also been times when someone asks Saitama his hero name and he's hesitant to answer because he knows the other would laugh about it. A hero name should be something one could carry with pride and announce their name to the skies like Stinger and not have to hide it because it's that bad.
In chapter 87 - Monster side, Garou asks Saitama for his hero name but Saitama mumbles it because he doesn't want to become a laughing stock. It's no use however when Manako asks Saitama for his hero name, Flashy Flash is within eartshot and instantly makes fun of his hero name in chapter 131 - Won't lose! It's quite ironic that someone redundantly named Flashy Flash would say how little thought went into Saitama's hero name when the executives spent 2 hours deciding hero names for Saitama and Genos. Saitama is naturally pissed and starts to bury Flashy Flash back beneath rocks.
Saitama thinks his name is such bad rep that he thinks even Garou the hero hunter would not stoop to hunt him because of his silly name, thinking it's not worth it to go after that kind of hero who definitely doesn't sound very strong. It's not a flattering name and something to just get used to, it's a stain on his already floundering reputation.
That's why when push comes to shove and the Hero Names Victims Association comes knocking, Saitama gets the support and initiative to get his name changed to something more appropriate.
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Smol predictions about Garou's potential hero name:
White Tiger
Derivered from his white hair and ferociousness when he fights, but for a righteous and noble cause, like the animal Tiger itself is a noble and majestic creature.
Byakko represents the King of beasts, the colour white, the element of metal, the season autumn, the planet Venus and the virtue of righteousness. It's one of the four mythological creatures that form up the cardinal directions in chinese mythology. The White Tiger of the West, The Azure Dragon of the East, The Vermillion Bird of the South and The Black Tortoise of the North, all surrounding the Yellow dragon Huánglóng in the center.
As we already have azure dragon of the east symbolism in Genos and Saitama and Garou are irrevocably linked by what has happened in the manga so far, a White Tiger Hero name would be fitting in both appearances sake and symbolically.
Another possibility would be to derive from the mythos of the Black tortoise, which mythos wise might be more fitting. Flashy flash can have the white tiger spot.
Black Wolf Warrior
(or a derivation of the words black, warrior, dark and wolf or maybe even mysterious)
Genbu is named differently than the other shijin; rather than directly describing a color and animal, i.e. Black Tortoise, his name is written as gen, meaning dark, occult, or mysterious, and bu, meaning warrior.
Other Chinese legends[citation needed] also speak of how the "Tortoise General" and a "Snake General" came to be. During Xuanwu's study to achieve enlightenment and divine status, he was told that, in order to fully achieve divinity, he must purge all human flesh from his body. Since he had always eaten the food of the world, despite all his efforts, his stomach and intestines were still human. A god[which?] then came and changed his organs with divine ones. Once removed, the original stomach and intestines were said to have become a tortoise and a snake, respectively. The tortoise and snake became demons[citation needed] and terrorized people. Now divine, Xuanwu heard of this and returned to slay the monsters he had unleashed on the countryside. However, as the snake and tortoise showed remorse, he did not kill them but instead let them train under him to atone for their wrongdoings. They then became the Tortoise and Snake generals and assisted Xuanwu with his quests (another legend held that the mortal organs were tossed out to become Wuhan's Tortoise and Snake mountains).
Genbu is one of the shijin, or Four Symbols, which are important mythological figures in Taoism. Genbu is the guardian of the north. He is associated with the Chinese element of water, the season of winter, the planet Mercury, and the color black. He represents the virtue of knowledge.
A description of the dark colours he often wears, his temperament, his animalistic fighting style, his lone wolf nature but that he also has a noble warrior's heart who never bends down. A warrior through and through.
Like the mythos, Garou also purged all human flesh from his body and became divinity, but he showed remorse and has to atone for his wrongdoings.
Random Youkai:
Kagome, imagine you were a superhero, because superheroes are awesome. What would your powers be and what would your name be?
「巫女」:: ”They are awesome! I agree with that~ I dunno if I could be one...Though I already have ‘powers’, my reiryouku, healing magic and the rune magic that can grant me darker magics for a time...
”But-if I could choose my powers and be a superhero-I think I’d keep the healing magic; but I’d also love to have water powers. To be able to turn into water, and manipulate it, and control its temperature--make it ice or make it boiling...To be able to control steam and clouds...That would be extremely useful. And make for very formidable abilities~!
“As for my superhero name...? That’s a little tougher to decide...I guess...I’d might go with...Taki-Musume Waterfall Girl.”
So I've encountered several different hero names for Shinsou in fanfiction. However I have never seen anyone suggest Error 404 or Blue Screen as his hero name and I feel that, that would be hilarious. If someone has done this in a fic please let me know, it would make my day.
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I would not be surprised if the story of One-Punch Man ends with Saitama opening a letter from the Hero Association informing him that his new hero name is One Punch Man.
I know it would seem a strange place to end but a sense of being regarded as legitimate and held in esteem is deeply important to people. And I think the device of a hero name that means one is recognised as a hero rather than s random do-gooder is a surprisingly powerful way to do it. We do care what we are called. And goodness knows that this is the one acknowledgement that Saitama genuinely wants from the world. To be accepted as its hero.