Another noted: “They’re getting free publicity – they ought to have been happy to have a funny name."
Free publicity that leads to sign posts being stolen. For a tiny village of 100 people, this is likely a serious hardship. If it isn't bringing in more money than it's costing them, it's an attractive nuisance, not free publicity.
‘Hell‘ means bright. Sometimes, ‘light‘ is the correct translation (e.g. light blue is ‘hellblau‘ in German). But in this context, it means pale, as in pale lager[0]. Nothing to do with reduced alcohol content or calories. The German translation for that kind of ‘light‘ (as in ‘light beer‘) would be ‘leicht‘ (lightweight) or ‘light‘ (as a loanword from English).
Also, it's not ‘our town name‘; it's ‘their town name‘. Fucking Hell isn't made in Fucking; it's not even from Austria.
It can be used that way, but it's not the only meaning: Leicht und stark also refer to a beer's gravity[1] instead of its alcohol content per se. A Starkbier in particular is a beer with 16° on the Plato scale[2] (which does go along with more alcohol, so in a way this distinction is splitting hairs).
[1] https://en.wikipedia.org/wiki/Gravity_(alcoholic_beverage)
[2] http://8degreesplato.com/2017/05/31/so-what-is-degrees-plato...