I'm not saying this to offend you, but I hope not. Why? Because of two reasons.
If by "the approved new names players have given" you mean the names on the GMP, there is precious little quality control there, which is natural. After all, the authors of said project are players like everyone else here, so posing as judges of the incoming name would be controversial. Now if FD ran quality control on each and every name there, and didn't approve some, their authors could be upset.
If by that phrase you mean that players would have the opportunity to name stuff for which they've sold the data and received the first discoverer tag, that sounds better, but I have my doubts that Frontier could keep up with all of those. Then we'd end up with planet names like "Planet McPlanetFace", "Moon Moon Moon" and the like. Plus it could well make selling exploration data much clunkier - imagine being asked if you wish to name each undiscovered body you found or not! It would take hours, so it's not feasible to do: you'd have to have the option to name planets you discovered later instead. I wonder if that would be viable with the game's architecture, although it probably could be.
Personally, I'd rather they ran the procedural name generation on inhabited stuff instead. In my opinion, it is kind of weird when we have systems still using their procedural names, not just around Jaques, but also back in the old bubble. The algorithm would be impartial anyway.