Remove widget name ("Widgetsmith") under iOS 14 home screen widgets?
In response to the question:

Is there any possible way to remove the “Widgetsmith” title under the widget on the home screen? It ruins the vibe sometimes (twitter)

David Smith, the creator of Widgetsmith, replied:

Unfortunately not.  Apple requires that the app name be below every widget. (twitter)

So it appears that it is not currently possible to remove the name label text underneath an iOS home screen widget.
This is an iOS restriction, similar to all app icons (used to) have their app name under them. The widget app developers have no control over the matter, and cannot choose to hide their name.
You're gonna see the word &quot;Widgetsmith&quot; a lot:

You can send Product Feedback to Apple so that this is hopefully addressed in a future version of iOS.