R TzviR Tzvi Hersh Weinreb (TorahTidbits here, p. 49) quotes R Simcha Zissel Broida (the Rosh Yeshiva of the Chevron Yeshiva in Jerusalem) explaining the importance of Yitro and the messages we can learn from him. The importance of this message might have been a reason to name a parsha after him
Our tradition respects the seeker, the person who searches for the truth and never tires of that search, no matter how many blind alleys he encounters and no matter how much frustration he experiences. Yitro is described as an individual who worshiped every idol in the world in search of the truth. As he became disappointed with each faith that he explored and with each religion that he practiced, he rejected that path and renewed his search. He retains the title High Priest of Midyan because that title represents the heights he could achieve in the religious hierarchy within which he sought truth. That title is symbolic of the degree to which Yitro was a seeker of truth.
That lesson is best conveyed in the words of Talmud in Gittin 43a: 'No man truly achieves Torah knowledge without first experiencing error.' When a person's errors in life culminate in his finally making proper choices and correct decisions, then those errors are to be publicized and respected, because they are indicators of the degree to which that person was a seeker.