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,

Open SharePoint Management Shell and modify the below code as per your requirement before executing it.
- $webname = Get-SPWebApplication | Where {$_.Name -match "SPDEV"}
- $webname.Name = "SPDEVNEW"
- $webname.Update()

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.
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