Is naming with the name "Iyas" permissible in Islamic law, knowing that the name is derived from despair (al-ya's), and that the Prophet, peace and blessings be upon him, changed names whose meanings were inappropriate?

There is no objection to being named Iyas, as it is among the names of the Companions and the Tabi'un, such as Iyas ibn al-Bukayr, who witnessed the battles of the Messenger of Allah, peace and blessings be upon him, and Iyas ibn Mu'awiyah, the judge of Basra. It does not matter that it might also mean despair or consumption, as mere commonality in the meaning of a word does not prevent its usage. The disliked names are those that involve servitude to other than Allah, or are exclusive to Allah, or have a blameworthy meaning, or have no meaning, or involve self-praise.