Is there a way to remove/rename the Chrome "Other Bookmarks"?

If you empty it, it disappears. I just dumped everything into a folder named Other and dropped it on the end of my Bookmarks Bar folder

You can't remove it, not yet. Use ctrl + shift + b to show / hide the toolbar if you think it is ugly and don't want to see it.

You can then hide it and opt to use a bookmark extension, like 'Bookmarks Menu'.