Names cannot include numbers or punctuation marks (except for hyphens and foreign stuff), they cannot be official titles such as "Bishop" or "Doctor", they cannot be offensive/defamatory such as "Angelina Jolie is a slut", they cannot be silly names like "Number Ten Bus Stop", and they must be between 2 and 100 characters long.
When names are far beyond the realm of sanity or appropriate, protective services tend to step in and take care of things. This is fine in cases that it's truly undebatable that the child was given a name that is unfit to be one, general regulation of names would be absolutely ludicrous.
I think there is some room for question in this statement if something promotes hate speech or anything that is vulgar, these things are out of the question and against common sense. But to regulate baby names is a ridiculous way to be take away a freedom that parents should have.
To say the government should regulate what individuals name their children is silly. Yes, some individuals depending on how you see it are either blessed or cursed with some names that might make you wish there was some type of regulation for what is permissible for naming a human being in the US. However, such regulation would seem to be a blatant violation of personal rights and personal freedoms.
With the possible exception of vulgarities and hate speech, the government should not regulate baby names. Selecting a name for your baby is a very personal decision, and the government should not be able to swoop in and tell you that you can't use the name you've carefully selected for your child.