My guess is that there are many reasons to redesign a logo like that. It looks:
1. Elitist (who speaks Latin?)
2. Forgettable (show this logo to a student from India and then ask to pick it out of 10 similar coats of arms)
3. Ugly (subjective, but... thick curves everywhere, all caps words with hyphens, 3 crowns?..)
4. Hard to adapt to new global use cases (too detailed to make small, too confusing internationally)
5. many more reasons...