Given your island a terrible name, and need a re-do?
Here's how to restart your game.
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How To Restart Your Game and Reset Your Island
On your Switch's home menu, head into System Settings, Data Management, and Delete Save Data.
Scroll to the game's entry, and follow the steps to delete the save data.
Needless to say, this is the nuclear option and you won't be able to get your content back!
Unfortunately, a complete wipe of your game is your only option to nab yourself a new island.
Because of the 'one island per switch' rule, players sharing a switch are forced to play on the first island created.
Just make sure you check with them before you delete their island.