The product name on the label must identify what is in the package. If your product has a standard of identity then the product name on the label must conform to the standard of identity, as well as, the ingredients used. If your product does not have a standard of identity you have some leeway on the product name on the label.
A recipe change does not necessitate a label change, unless you have significantly altered the main ingredients used. For example, "Potato Chips" and you started including other types of main ingredients like yam, or onions. You would need to modify the product name. But, if your "Potato Chips" seasoning has changed you do not need to update the name, just the ingredients, nutritional (if affected), and allergen info (if affected).