Some pub names just sound "right" to me. Others are obviously
invented by outsiders, whether foreigners or just people not steeped
in the culture. Here's a guide to the good ones.
An old pub may be named after its distinctive sign: The Three
Horseshoes, The Wheat Sheaf, The White Horse, The Stag's Head, The
Dolpin. Usually that sign will have been inspired by a local activity,
or perhaps a legend.
They may be named after a prominent local family (who might be
absentee land-owners, especially in London): The Devonshire Arms. Or a
local place is very common, particularly if it was the first pub to
serve that place: The Ambleside Inn.
As for suffixes, an "Inn" traditionally has accommodation while a
"Tavern" does not; it may not be true now but it's probably in their
history. "Hotel" as a primarily drinking establishment is unusual in
England but shows up in Scotland. Occasionally "Tap", usually
indicating a close association with (and often proximity to) a
brewery.
Later pubs may be named for monarchs: The Edward VII, Georges I-V (or
"Royal George"), and variants on the Queen Victoria, but others are
less usual (Kings James, John, William IV, Charles I, Richard III;
Queens Anne, Elisabeth, and more rarely Adelaide, Charlotte and
Matila). Or just The King's/Queen's Arms.
"Commercial", often "The Commercial Hotel/Inn", usually indicates that
it was built for commercial travellers rather than locals. There are
practical names like The Railway Tavern.
Deliberate jokes are almost always modern. Renaming a pub when one
buys it is a sure way to lose all previous goodwill from the locals,
not to mention bad luck just as for ships.