I would like to change the sticky posts label “Featured” to something else

This looks like a theme issue.

And, if you are using TwentyEleven, the “Featured” word is printed in the file /wp-content/themes/twentyeleven/content.php

At the very beginning you’ll see

<h3 class="entry-format"><?php _e( 'Featured', 'twentyeleven' ); ?></h3>

change it for what you need

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