Yes. However, this isn't the first time they did this.

For exemple:
- Half a dozen pokemon have the "Cloud Nine" ability which allows them to turn off weather. And Rayquaza is the only pokemon with "Air Lock", which is the same as Cloud Nine but with a cooler name.
- Goodra's line has the "Gooey" ability while Alola Dugtrio's line has "Tangling Hair", both abilities do the same thing, if you touch them your speed goes down one stage. They just changed the name to make it sense base on their bodies
- And there's "Huge Power" and "Pure Power" which both literally double the pokemon's attack stat.
- And a bunch of other minor ones that I'm too lazy to go research.

Game Freak is ok with changing the name of a ability if, like Rad Dudesman said, makes themathic sense or if it makes the pokemon sound cooler.

Mostly for flavor. "Libero" is the name of a position in soccer, and Cinderace is based on a soccer player.