I can definitely understand starting over. Too much baggage from Smallville. Not to mention the episode where Ollie was dressed as a showgirl is best forgotten! It's better to start over.
Though I have no idea why they're not calling him Green Arrow. He's a well-established superhero...you don't change his name. Arrow by itself sounds dumb...you need the full name for it to sound better. Also, why Starling City and not Star City?