Not really, no. I've run into this problem A LOT in previous games, though... but not in my first AC. I still remember my first AC game. Rover asked me where I was going and I was like... IDK. So I tried to put in the name of my favorite place to visit (because I had family there and it was nice and quiet) but it didn't fit, so FOR YEARS I lived in the lovely town of Northdak. I'll... let you all figure it out

And, since I had multiple memory cards, I also had Southdak. And Eastdak. And Westdak. That was... totally unrelated, but for some reason this made me think of it
But, for this game, I settled on Woodland early on. It's versatile (wood is an important material and I just think of "woodland critters" or something) and cute and doesn't really lock me into a theme (though I knew I'd also want a nice forest on my island, which I have). In ACNL I had Lilydale for the longest time, and I considered reusing that, but I'm glad I didn't. I wanted a NEW name. And I like Woodland a lot.
That being said, someone made a thread the other day asking how to change their islands name. They had gone with Penisland and apparently were regretting it as they started connecting with other players.