I don't know exactly what has happened, but I think I can give you a pretty educated guess why this feature is "missing"...
When software is designed, it is designed to meet certain needs or requirements and/or so called use cases.
Presumably there was no requirement or use case that demanded that scrolling through the list on the front side would require anything else besides the name & number to be shown.
Or, if there was such a requirement, some requirement handling process that prioritizes them (from a big list with probably thousands and thousands of individual "wishlist items"😉 rejected it for some reason or another.
E.g., there were more higher priority things and limited time & resources available so that everything everybody possibly could want wasn't done, or was explicitely decided as not to be done.
Anyway, what it means is that this need/requirement didn't end up in a design specification document and a developer (or developers) implemented the behaviour that was in the specification (i.e., without functionality showing the names of businesses on the front display).
In that sense the phone works (operates) as intended (as planned/as specified), but obviously not like you would like it to.
Note also that showing business names when scrolling might quite well be "correct" in your mind, but others might think of it as "nice to have", "not important at all", or even "wrong".
I'm afraid, I don't think there are any tricks or even installable apps that could change this behaviour more to your liking.
There is a very slim chance that it might get done for a phone firmware update, but generally those don't seem to come with any new features/functionality, but just fixes for issues/problems discovered in previous versions.
It is more likely that if this is deemed important enough (e.g., enough people asking for it, a user/market study shows it is needed or whatever) a feature to implement (it passes the "wishlist management process" bar I referred to above), it will get done in/for a new phone some day (or not).
With limited amount of time and limited amount of developers/engineers to do things, if everything was implemented that everybody could wish for, nothing would ever get finished (= you wouldn't have the phone at all today, because it would still be worked on to put in all the millions of little things that can be done). 😉