USB-1 isn't a name as such, it's a designation (probably to do with the driver needed to access it). Nothing to do with a drive label. The UPD in my HDR3 is called "Flash Disk", the HDD in my HDR1 currently is called "drive1", and I know that a HDD with a different format is called something else.
humaxhd# /mod/sbin/e2label /dev/sda1
Rugged
humaxhd# /mod/sbin/e2label /dev/sda1 Ghost
humaxhd# /mod/sbin/e2label /dev/sda1
Ghost