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Some clients have an inbuilt, managed-package trigger in the Company Object that prevents the 'No Company' record from having its Company Name field edited. This is to prevent users from accidentally renaming it when they should be linking a contact to an existing or new company record if they now know where they work.

This causes as issue if a user renames any other company record to be 'No Company' though. It doesn't happen often but we know of at least two instances where it has (Bird & Bird in August 2018 and Corrs in March 2019). The user then can't change the Company Name field back to the correct one when they realise their error as the trigger to prevent edits to the 'No Company' record now applies to this record too.

On screen it looks like a Validation Rule is causing the inability to edit the Company Name field but it is the trigger.

The managed package trigger has to be disabled to change the Company Name field back from 'No Company'

That's done in Setup>Custom Settings>Trigger Controls>Manage>New. You then just put 'Account' in the name and leave the User ID blank.

After fixing the mistakenly-renamed company record, delete that new Trigger Control so the genuine 'No Company' record can't be edited by any users in future.