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People would probably abuse it to get away with something heinous and ditch repercussions and retaliation from victims through a name change.

Same reason why there's a 3 month wait after jumping to another server. Unfortunately, this is currently the only way of changing your name. You might be able to server hop to a place where your current name is taken and get the one you want, then hop back after lying to a GM that you were transferred there in error. Risky but semi-plausible.