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Primarily because it is an administrative headache (not an impossible task, just another painful task for people who are already overburdened)- and the people there (inside IITB) don't care as much about the issue as the people from the political parties that want the name to be changed. They really do want to do better and more productive things than to pander to the whimsical desires of politicians on this name-change brouhaha.
Either way, it isn't IIT Bombay's prerogative to change its name to whatever it wants. Considering the legal status of the IITs, any change of name has to take place through an act of Parliament as an amendment to the IITs Act[1]. There was some talk about an amendment back in 2008[2], but nobody really knows (or cares) about what happened of it.
Interestingly, IIT Bombay is not the only entity to not have been renamed. The Bombay Stock Exchange and heck, even the Bombay High Court have not been renamed. Over in Chennai, IIT Madras retains its old name.

According to the best of my knowledge, I would like to suggest you that both BBA and B.Com have their own merits. It depends entirely on your interest before choosing either of the courses. If making a career in management is your priority then you should go for BBA as it is the foundation of management and has been specifically designed for MBA aspirants. B.Com on the other hand, is much more diversified and has a wider scope for specialisation for post-graduate study. Thus, it is advisable to first chalk out your skills, aptitude and area of interest before taking up any of the courses. Instead of looking at the money making aspect while choosing a course it is more feasible to choose a course that will give you long-term benefits rather than a short-term. I hope this information helpful for your bright future. Thanks and all the best.