Hey Wendy,
I am looking into this and checking if it’s by design or if it’s just not working correctly.
If you update the location name, the Item location is updated in Method. However, what you are saying is that when you sync, your bin was labeled as follows "Widget (Receiving - Head Office)". When you update the location, the Item name is not changed to show this, but the field for "Location" does update with the new location name.
As well if you change the Bin Name, the Bin Name updates, but the original Item name "Widget (Receiving - Head Office)" does not rename itself to match the renamed bin.
I will look into what direction we want to go with this and give you an update as soon as I get some information.
Hope his helps!