Yes, for Hot Rod in general, Hasbro should have just started calling him "Autobot Hot Rod", saving the "Rodimus" name for when he becomes a Prime.
As for this toy, they should have just called him "Rodimus" leaving his rank ambiguous. Also, I always thought the Classics Rodimus would be THE Hot Rod of my collection, but I really like the looks of this one. Really prefer this bow weapon over missile weapon of Classics Rodimus.
As to names and ranks, I mostly agree. "Prime" means things like "chief" "primary" "most important", etc., so I always like that Prime was a rank, but they really should have kept it as THE most important rank.
I mean, if you really want to get technical, "Ultra" would be the "title" part of Ultra Magnus' name, not Magnus, the concept being that before he puts his G1 armor on, he's just Magnus, and then when he puts his armor on, he's "Ultra Magnus."
So I think it would have been cooler if they kept with naming tradition, and called any squad leader an "Ultra' instead of a "Prime". Then we would have gotten Ultra Optimus and Magnus Prime. Then when Optimus got the Hammer, he could have officially become the new Prime, Optimus Prime, and Magnus, if he's even alive in the Animated universe, could have become Ultra Magnus.
I would have LOVED to see Leader Ultra Magnus repainted with Optimus' colors and with Optimus' head, and Voyager Optimus repainted with Magnus' colors and head.
Ah well, I'm dreaming and rambling, so I'll stop now.
Thanks for reading!

-J-