I like it, as it keeps Umbrella in the series. I was not happy when 4 came out and revealed that Umbrella had been destroyed, and that it had happened between games. And although we later got to see that happen in another game, and I’ve come to enjoy the complex lore that has developed since; taking the games to other places with other companies and terrorist organizations continuing Umbrella’s work, new biohazards in the forms of Las Plagas and the Mold, etc.; I’m glad that Umbrella has figured prominently in the background of virtually all the stories, with only Los Illuminados having no (known) connection to them.
Neo Umbrella was just a name Simmons came up with to make people afraid and think the Talk Oaks attack was by a real organization, but Carla used the name in defiance after she turned against him, so it became real. It doesn’t have a connection to any of the other Umbrellas.
Red Umbrella, from Umbrella Corps, seems to be like Blue Umbrella in that it shares the same name, with the color added in as an unofficial designator that has been widely adopted, and being also made up of former members of the original corporation who remained evil and decided to continue the work while they lay low. Or, perhaps Red and Blue Umbrella are secretly the same company with different divisions, and the Blue division is simply there to distract the public and the company has not really changed at all.
Frankly, I’m not sure if I want Blue Umbrella to actually be reformed bad guys fighting now for good in order to atone, or if they’re secretly bad and they’ll drop the act in a future game. I’m fine with either one, so long as we always have an Umbrella in the picture. To not do so would be like GI Joe without Cobra, Assassin’s Creed without the Templars, or Inspector Gadget without M.A.D.; it just feels wrong, somehow.