Indeed, networks are listed by the network name. This makes much more sense. You can often see the location of a server via it's country code - for example, .us would be a United States server, .my is a Malaysian server, .ca, Canada and so on.
What's more, because different networks may have servers in the same country, how could you differentiate between them? For example, if everyone called me 'UK' because I am located in the UK, how could you tell me apart from tidy_trax or starbucks_mafia, both from the UK also, if you referred to them as 'UK' too?
This would be way too confusing - you have the option to make the server list like it yourself (as you have demonstrated), personally I think the current listing method should stay the same and personally I think it will.