The British monarchy can trace back to 1066, well before we started to colonise other countries, so in that time and actually not many kings / queens it has witnesses so many changes.
I feel we should change the naming of the honors system
BEM or British Empire Medal
MBE or Member of the British Empire
et al
What was the Empire became the common wealth before I was born, so why not just have BCM - British commonwealth Medal, so just update the naming system.
We have renamed the Empire games to commonwealth games, so why not go one step further, I think King Charles III is wise enough to see the logic here.