The Batman changed The Penguin's name to the very serious sounding Oz Cobb because Matt Reeves felt it was more "grounded" than Oswald Cobblepot
Briefly

"They never got around to changing [The Penguin's] name in the comics like they did with the Riddler... By doing that they grounded the character."
"Matt's created new canon in his film, and I'm creating new canon in this show... Cobblepott seemed less of a real person in the way that Cobb is a real last name."
Read at VG247
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