While that may be true, Amell mentioned previously that he thought a more appropriate term, were they to rename the franchise, would be “the Berlantiverse” because of superproducer Greg Berlanti.
Either way, I don’t think we should expect any new name to catch on with fans any time soon.
As Amell mentioned during his chat with host Michael Rosenbaum (Smallville’s Lex Luthor), he thinks the announcement was basically meant to pull focus from the fact that there was no new footage to show of any of the series, seeing as how they hadn’t been able to start filming on new seasons yet.