Well, Lite-FM did try to change its name about 15 years ago to "New York's 106.7." If you use that as a web address (minus the apostrophe and decimal point), it takes you to WLTW's web address to this day. But they realized "Lite-FM" was so closely associated with the station that it made no sense to scrap it, even if much of the music isn't really light anymore.
So today, like many stations that had been using terms like Lite, Easy Rock, Soft Rock, Magic, etc., they've kept the name even though they no longer refer to the music as being light, easy or soft.