I knew CSA had cut a few routes (e.g. Heathrow)
I think it was worse than this. IIRC, BHX, MAN & EDI all served previously, together with STN for the LON market.
The UK isn't the be all and end all, but we are a pretty major part of the European market, witnesses by the other carriers that are serving PRG from blighty. Maybe these locos had cheapened the market, but CSA were also offering numerous connections further east, going to many markets not well served from the UK as a whole, let alone from London.
So sorry if that's my narrow UK perspective, not the Czech one, but a hub operation usually needs a good mix of o&d, and Prague could still be a competent second-tier niche player. No doubt we'll be looking at LOT next, and how Warsaw isn't quite right for connections either - never fed from the UK regions, and too far east to even serve the home market well either.
Re: naming - so what, do people start bleating that NSW & Victoria aren't mentioned in QANTAS? The industry is full of carriers which have gone through one set of changes or another and kept their name. This is the least of CSA's worries.