Thank you Tony. I have tried that but when I hit Enter after typing in the new name it didn't actually change it. Do you think there is something weird going on with the drive itself?
That is a possibility. It will help if you can tell us the model of your Mac, the macOS version, and the type—hard drive or SSD. Is the volume you are trying to rename the sole volume of the drive, or are there any other volumes/partitions?
If you are able to clone or simply copy the data you wish to preserve in that volume, you could temporarily copy the contents and then do a complete wipe/reformat of the drive using Disk Utility, then create the volume with the name you want, and then copy back the previous content. If you are running a version of macOS that will support it, I recommend formatting the drive as APFS.
In my screen grab above, one of my attached SSDs has four “drives” in a single APFS container. So if the drive in question is the only volume in your physical drive, you should be able to reformat it without losing other