That's like saying you could replace the Levis brand with FCUK in America and overseas - most Levis are no longer made in the US, why keep the name. Because repeat customers are brand aware. I always go looking for them, because I know they are a consistent product and a design classic that aren't cheap or the most trendy but extremely good value for money. That's the value of consistent branding.
For that matter, why not replace Chevrolet in the Middle-East with an Arabian name? After all, the cars aren't made in the US for years. Saudis know full well their 'Chevvy' Lumina comes from Oz. Simple, because people don't like fundamental change, it makes them concerned about who is running their company, providing warranty and after-sales.
Believe me, it would damage GM's interests in Australia enormously if they seek to supplant Holden with Chev. For starters, I would not automatically be inclined to pick Chev to buy. There is no recent track record here, and nothing they sell that I could afford which would tempt me (RWD passenger or commercial vehicle other than a stupidly large truck).
Ford will still sell Ford Falcons, even if ther're rebadged FWD Tauruses made in the US They sold here nonstop for 48 years - Falcon means 'large Ford sedan' in Oz. Probably half the reason the Falcon outsold the Taurus by 40:1
Replace Holden even on GMDATs with Chev and you'll hurt them, by reducing total sales volume. I can just see some GM beancounter saying 'gee, Holden sales have dropped by 30% this year. Guess no one really cares about the brand.' Kill it, and hand the market away. It isn't a given that you can change the logo to a bowtie and translate the sales even with the same car. Nissan took years to win back lost Datsun sales.
Holden sold 4 times as many Barinas in the first year even though they were the same car as the Daewoo Kalos they replaced. Putting the Lion and Globe on automatically gave the car credibility. There are many reasons Toyo is winning the sales race, superior product@cost due to industrial muscle is mostly it: branding Holdens as Chev won't arrest that at all.

This means nothing to the average Aussie, and let's face it, isn't a patch on this

as far as dynanicism goes.
Chev has no presence here in Australasia than as a legacy Yank-Tank maker and would take years to counter this negative perception as anything else - why put yourself even further behind Toyota and the other competitors? The American cars sold here are sold on a big brash image like the Jeeps, 300C and soon the Cadillac. It would take a seismic shift to sell little'uns.
People aren't stupid - they'll know and be told with every roadtest these 'Chevs' are coming from Asia, not America. And wonder why they should choose one over a Toycar.
The other thing is, I'm sorry to say, American branding isn't necessarily a plus here, with Dud-ya screwing everthing up including now the US economy. It isn't US-made cars which are selling well for GM, but overseas models including Holdens. In fact US-made models are still ceding ground in their own markets. Why taint success with failure?