How to modify the commerce price formatter label to match shipping service?
I think this is equivalent - not sure there's a better way than loading all the line items. 

function HOOK_commerce_price_formatted_components_alter(&amp;$components, $item, $entity) {
  foreach ($entity-&gt;commerce_line_items['und'] as $line) {
    $line_item_wrapper = entity_metadata_wrapper('commerce_line_item', $line['line_item_id']);

    if ($line_item_wrapper-&gt;type-&gt;value() == "shipping") {
      $shipping_data = $line_item_wrapper-&gt;value()-&gt;data;
      $service_title = $shipping_data['shipping_service']['title'];
      break;
    }
  }

  if (isset($service_title)) {
    $components['shipping']['title'] = $service_title;
  }
}


(The title is coming from the price component type - maybe one could use hook_commerce_shipping_service_info_alter() to change the price_component to something per shipping service, and set the title in hook_commerce_price_component_type_info(), but that probably isn't any neater.)