Description of the need
During Open Source Day today, two participants both mentioned uncertainty over what was required for site name during installation. They weren't sure if there was something specific that was required in this field.
I think that having "localhost" here as default (when installing locally) is confusing.

Proposed solution
Add some help text for this field that says something to the effect of: "Your chosen name for this website, this can be changed later."
Alternatives that have been considered
Adding a default name (placeholder) that reads something like "My Site" or "My Backdrop Site." See: https://github.com/backdrop/backdrop-issues/issues/2291
I think that placeholder text might help demonstrate the intention for this field.
Recent comments
@yorkshirepudding, In the end I fixed it by deleting the config/active folder contents, copying the config/staging/ files into config/active, importing the database again and clearing the caches...
Importing the staged config throws an error: another field with the same name already exists
Thanks, I have to go out now, I will try later on and report back
Importing the staged config throws an error: another field with the same name already exists
Hi Francis. Yes, what config do you have in staging for it? You might have configs like: field.field.field_video_embed field.instance.node.page....
Importing the staged config throws an error: another field with the same name already exists