Er, not exactly. It was revoked because people were impersonating others, same reason chat now uses getPlayerName() and the same reason we can't edit values (excluding score) on the player list.
I know I've seen Badspot complaining somewhere about people who packed a ton of RPG stats into their name.
Bingo. Finally found it.
How about you all get a clue and try actually designing something that people might actually want to see in a game.
What was the last real game you played where people had "[TEAM BLUE] [POLICE OFFICER] [LEVEL 3] XxSonicTailsxX" floating over their head? There is no need to ever have this.
Identify teams by color. Either color the name or color their torso and sleeves.
Identify jobs by appearance. If they're a police officer, use the police uniform. Criminal? Striped prison shirt. Not enough options for you? Use a mounted image with your own model.
The name display is for the player name. That's it.
Granted I'm not sure how you'd do a health bar. Maybe a raycast loop to see if someone is looking at another player, and if so, bottom-print it to them.
Actually if it's for a combat heavy game mode, you could probably bottom-print their health bar whenever you attack them.