How to Change Profile Type
The 'Type' field is automatically calculated upon the fields present in the profile. Your profile must be having custom field for certain Event name that's the reason it shows 'ParticipantEventName:Event Name'. There is no way you can update this field through UI. However if you want to update then either you can run update query or run api in create mode from api explorer, but still the 'Type' will be recalculated when the profile fields will updated or added.