It would have been less confusing if it was “Banos Yaakov”, but no one thought of it at the time. Most other Jewish girls’ school are “Bnos ….. ” and/or have a female name.
IF someone named Devorah paid for the school, no problem with “Toras Devorah.” Think of the people who have names such as Gittleman or Estherman – men have had no trouble with names that show who provides the money.