If it's commanded by a Squadron Leader, if it's the size of many fighter squadrons in the RAF's glorious history, and if it can deliver more capability than a WWII Wing, then why not let it preserve a Squadron identity, rather than lose that identity for ever?
It's good enough for 'Les French'. It's good enough for 8/23.
I rest mine......
And I don't understand what you mean when you refer dismissively to 'the reputation of a flight'.