The Reign have been much more successful as the Reign then they ever were as the Sounder Women, and the Sounders joining the ownership group hasn’t been the resounding success we hoped
The central issue is not whether a women’s team carries a larger club’s name. It is whether the organisation has enough money to keep paying its players and staff.
A parent club can supply facilities, expertise and funding. But problems elsewhere in the club can still affect the women’s team. A separate company can protect the women’s team from problems elsewhere. But still needs reliable income and owners willing to support it. Licensing can test financial information, it cannot supply the money needed to finish a season.
Until that question has a clear answer for each team, the name on the shirt says little about how secure it is.