Just wanted to add the answer I got from Mike Blumenthal:
The Place label is determined via algo based on popularity of a given feature. One way to increase the popularity is to increase the rank so that more actions are taken in relationship to the feature. The things that likely increase the popularity of a feature are the impressions actions (as seen in Maps) compared to others in the same market like how many times a listing is viewed in Maps, the Place page is viewed etc
At some point in the past it was possible to increase popularity of a feature by changing the popularity setting in MapMaker and having the change approved by an editor. That feature has been removed (at least for most editors).