This command intended to change existing binding. Therefore we need "ip" and "port" to find binding on site, and "name" points to which part of binding you want to change. "Value" parameter will have data for this part. Name could be "IPAddress","Port","BindingInformation" or "HostHeader", other names are ignored. Your example will not change anything.
I agree that this command is kind of confusing, we will spend more time on it and may be will find better design.
Thanks,
Sergei