Apart from anything else, Elephant and Castle is just so much more fun as a
name. And it is geographically accurate - that's the name of the junction.
As good as Oxford Circus.

There's one name that really ought to go, however:

Tottenham Court Road.

The problem is that both Goodge St and Warren St also are on Tottenham
Court Road. TCR station is all the way at one end, so it's not even
the station you'd use if you had no idea where a house number was on
TCR - you'd be far better off starting at Goodge St. I suggest that it
becomes:

St Giles' Circus.

Or if that's a little obscure, leave people in no doubt with:

Soho Square.

(I mean there is precedent - Leicester Sq station exits onto the
Charing X Rd.)