If UN bid will fail, why compromise on the name?

Since it will fail, I don't see the point in adopting "Chinese Taipei" or some other "flexible and practical" name.

DPP Legislator Wong Chin-chu (翁金珠) said the government’s strategy would weaken Taiwan’s sovereignty and confuse national identity.

I fear it's too late. The pile of crap is really getting scary: Chinese labor, dropping of the presidential title, acceptance of demands that amount to symbolic deference to China. This is not the policy the Taiwanese people want; Taiwanese people want their future to remain firmly in their own hands. At what point will the KMT overplay its hand, showing they're not interested in just showing China goodwill, but of deciding Taiwan's destiny in favor of unification?