Most EC schema objects have both a Name and a DisplayLabel. The Name is for MicroStation consumption. The DisplayLabel is for human consumption. The Name may have certain (unpublished) restrictions. The DisplayLabel can be anything: MicroStation doesn't use it internally. For examples of EC Names and DisplayLabels look at the XML files in the ..\MicroStation\ECSchemas folder.
Item Type properties have only a Name: they don't have a DisplayLabel. This can lead to problems when a MicroStation tool uses the property's mangled internal name. See this post about Expression problems in Item Type properties. If Item Type properties were to emulate their ECSchema peers and have a DisplayLabel, then those sorts of problems would disappear. A MicroStation user would assign to a property a Name that is subject to constraints (for example, must use ASCII characters, cannot contain a space or hyphen) and a DisplayLabel that could be any human-readable text (including non-ASCII characters for non-English users).