The way I see it is...
People who live or work there or who otherwise use it frequently will know what it is, where it is, and how best to use it, even if it was called Launton West. Name largely irrelevant.
Which leaves the infrequent user. It makes perfect sense to me for the Railway to try and draw the Chinese Tourist from London (and anyone else for that matter) to use the train to reach the hugely popular outlet mall by naming the station after it. There are several stations quite rightly named after nearby "draws" - mentioned above is MetroCentre; likewise Meadowhall (although that is also the name of the area) and so on.
To give a South Yorkshire perspective...
Meadowhall is the name of *an* area - I'd describe it as being in Rotherham - the other side of Meadowbank from the shopping centre.
If you wanted to give the train station a geographically appropriate name then I'd guess it'd be Tinsley or Wincobank. Maybe even East Hecla (since that was the name of the steelworks that the shopping centre is built on), or Brightside (which is the name of the old station by Jenkin Road, which would have probably been closer to the "Argos" end of the shopping centre than the modern station is).
But, the shopping centre went with the nicer sounding name of Meadowhall (Wincobank sounding less attractive as a name?), so it's right that the station reflects that.
The point I'm making is that it doesn't matter that much to locals what you call a station, since they'll use it regardless - the question is whether the name should be something that people travelling to the station will recognise.
Same goes with the idea of naming the Metro Centre "Swalwell" or "Whickham" - it may be more geographically accurate for those living there but anyone travelling to the big shopping place will want the security of the station sharing a name with the Metro Centre.
Same goes with the idea of naming a station (on heavy rail or light rail) after a University, sports stadium etc - Rowley's Green may be a more accurate name for the station at Coventry Arena, but people travelling to an event are going to want the station to reflect the name of the Arena (as long as there's sufficient capacity to cater for demand

).
In which case, it makes sense to me that the station for Bicester Village is called, erm, Bicester Village. That's simply where people heading there will be wanting it to be called. It may not be the heart of the old village, it may ruffle a few feathers from those who lived there before the shops opened, but it's a name that will help most passengers (and hinder very very few).
Speaking of the passengers, I wonder if some of the reaction towards the renaming is more about a certain sniffiness about those passengers (and the lengths they'll go to for designer handbags)? And I say this as someone who's been round Glasshoughton/ Cheshire Oaks (and that place near Mansfield) a few times, and was quite surprised at how upmarket the Bicester Village was - expecting the same old array of out-of-date rejects from M&S/ Sports Direct/ Next To Nothing etc - it's a whole different league in Bicester
Good on Chiltern for developing this contra-peak market that attracts people out of London in the morning too - attracting people other than the regular Marylebone-bound commuters. Wish other TOCs were as proactive.