I hope they replace it with something more accurate. The issue I've had with their Netflix Original label is that they've included both their Netflix-produced content and their licensing-based exclusives as Netflix Originals, which I feel is very misleading. In terms of the license-based exclusives, they should have called them exactly that, Exclusive and leave the Netflix Originals for content they've had a hand in producing. Otherwise, it gives Netflix viewers the false impression that everything under the Netflix Original label is somehow produced by Netflix, which is simply not true. But Netflix never made a clear distinction in labeling their content.
It's public perception. Having the logo there has created this perception of lesser quality for many years. Getting rid of it is worth a try to change that.
I rethought what I had previously said
Part of the issue relates to how they've treated the label, throwing both their produced content and licensed-based exclusive under one label which has created the issue of exclusive content of such varying quality, thus diluting the brand. The other thing is that Netflix is a truly global brand in the sense that there are many countries it has to cater to and provide content of varying languages, and rather than produce that content, they might license it as an exclusive, which then might get marketed in other markets as a Netflix Original.
We saw this at work when Netflix got the international license for Star Trek Discovery early on, though they might have put money towards its production too. This all changed when Paramount made plans to launch Paramount+.
Other examples would include the more recent version of Anne of Green Gables, Anne with an E. In Canada, this was a CBC show while Netflix picked up international exclusive rights for it and labeled as a Netflix Original. Another example would be the first three seasons of Snowpiercer. Again, not a Netflix produced show, but Netflix at one point had picked up the international streaming rights and called it a Netflix Original in those markets.
Using this tactic, they were able to bolster their 'original' content.