Longer description lengths wouldn't change the fact that a lot of merchants use names that are unrecognizable because they're a corporate name, not the common name of the business.

Instead of Bob's Bagel Company, it's 1132 Fifth LLC, and only after a bunch of googling do you happen to hit upon a corporate database and discover the LLC is for a restaurant.

Merchants shouldn't even be allowed to set this field. It should be set by their merchant bank, and the bank should require that the name on a reader at a business location match the common name of the business, followed by their address or store number if it's a chain, and zipcode. Ideally the business phone number as well. Or there should be a merchant ID, cross-referenceable against a publicly database maintained by credit card companies.