In response to the question:
Is there any possible way to remove the “Widgetsmith” title under the widget on the home screen? It ruins the vibe sometimes (twitter)
David Smith, the creator of Widgetsmith, replied:
Unfortunately not. Apple requires that the app name be below every widget. (twitter)
So it appears that it is not currently possible to remove the name label text underneath an iOS home screen widget. You’re gonna see the word “Widgetsmith” a lot:
You can send Product Feedback to Apple so that this is hopefully addressed in a future version of iOS.