Yes there kinda is, it's called OpenStreetMap forums and the response to this is boringly correct: https://community.openstreetmap.org/t/lake-ontario-lake-america/146975 Basically they just added official_name:en_US=Lake America while keeping name=Lake Ontario and name:en=Lake Ontario. This means that it will not show up on any maps that use OpenStreetMap but will appear in searches if someone asks for it.

The shitstorm for Gulf of Mexico was more fun and resulted in "Gulf of Mexico" being renamed to "Golfo de México" on the map eventually: https://community.openstreetmap.org/t/gulf-of-america-gulf-of-mexico/124571