As we know, there are no ways to change the web application name using GUI in SharePoint On-Premises environment. So, we can perform this action only through PowerShell and please note that this will not impact any configuration of the web application, like URL.
Here, I have a couple of web applications and I would like to change the name of my first web application from SPDEV to SPDEVNEW,
Change The Web Application Name In SharePoint On-Premises
Open SharePoint Management Shell and modify the below code as per your requirement before executing it.
  1. $webname = Get-SPWebApplication | Where {$_.Name -match "SPDEV"}
  2. $webname.Name = "SPDEVNEW"
  3. $webname.Update()
For confirmation, execute Get-SPWebApplication. So, it will display the web application information like name and URL like below.
Change The Web Application Name In SharePoint On-Premises
This action is only to rename the web application name but for a URL change, we are required to do a lot of stuff in IIS.