Why was the "Green" removed from "Green Arrow"?

Writer and co-executive producer Andrew Kreisberg says:

[dropped] the "Green" from the title because "Arrow" felt "sexier, a little more dangerous.

But I think the name change also reflects that this version is noticably different from the Smallville incarnation, but also from the Comics.

Lead actor Stephen Amell says:

Nobody in our universe has super powers, so that's a big jumping off point...

Other than in name, there are virtually no similarities between [the 'Smallville' version and the new version].

A world without superpowered characters would definately be a very big difference.

Pilot director/executive producer David Nutter says:

When I directed the pilot for 'Smallville', I knew that making Clark Kent relatable would be the key to audiences believing in him as a hero. ARROW is a different show — darker and harder-edged — but it’s the same core idea. We’re creating a real, believable world in which Oliver Queen can do incredible things.

They have also renamed Star City to Starling City and changed Oliver Queen's hair color and family constellation.

This article from Screenrant suggests that it was done to reach a wider audience. Presumably the name "Arrow" might attract people who could be turned off by the comic-book-sounding name "Green Arrow." Anyway, it seems he is more about the Arrow now than the Green: