No, a newly named award shouldn't really have any existing clout associated with it, and can make it's own reputation. The Turing award is not treated like a nobel prize by pretty much anyone, though it is respected.

Economics decided that kind of thing, say a "Smith award" wouldn't get them enough clout, so better to abuse a brand name for it's value. How classic.

Im sorry but to a normal person the Fields medal or Turing award is treated the exact same as the Nobel prize in whatever discipline.

Are you sure? How many normal people even know the Fields medal or Turing award even exists?