Do you remember when there was talk of changing the name of Magalluf? The stigma demanded a new name, and there were possibilities, courtesy of Meliá's efforts at transformation. Personally, I preferred Meliá New Town; not that it had actually been proposed.
Nothing came of this, as nothing was likely to have ever come of it. Magalluf is Magalluf (or Magaluf), and you don't go tampering with place names. They are historical. The Calvia Toponymy Society, assuming there is such a thing, would have been up in arms, as would have been the university, which goes big on the origin and history of place names in Majorca - stigma or no stigma. Magalluf (Magaluf) is part of the island's heritage, and there are toponymic studies to highlight this.
Far easier, therefore, to change the name of just one street. Punta Ballena. At a stroke, the stigma will be reduced or even eliminated were it to have a new name. What would it be? Alfonso Rodríguez? Bartolomé Cursach? Who knows, and who - to be honest - would take any notice. As street names go, Punta Ballena does impinge on the public consciousness far more than most, but renaming it would be merely cosmetic. It's what lies behind (and up front) that matters; not what it's called. And for many, the name is in any event irrelevant, as it is known by the alternative of Strip. Under a new name, it would still be the Strip, albeit (eventually) with a different strip quality.