I agree with you that the results are bad, but I think they update them from time to time to exploit this service to collect more data, just as is the case when cooperating with some explorers.
This is what the developer of wallet explorer said
How often is the name database updated?
Name database is NOT updated (except some very rare cases) since 2016, so it's been a pretty long time now. The reason is that I created WalletExplorer and its database in my free time. Then I joined Chainalysis.com, which basically does the same product (but far more advanced) and I'm paid for discovering names. While I'm paid for it, I can't disclose names publicly. Ask Chainalysis if you want data with newer names.
Do you know a better or updated tool?
Obviously they won't be free services. Chainlysis.com is one of them. There is Elliptic, ciphertrace, coinfirm etc.