Sprites and labels are very different, and having a common function to set both would be weird, to say the least.
Sprites are drawn using a combination of an atlas, and a sprite name referencing a specific part of that atlas.
Labels are drawn using a combination of a font and a text representing which characters to draw from that font.
They're very different things.
Furthermore, expanding the outlook there is also the 2D sprite class which references 2D sprites directly, without any name... and a UITexture class that references textures directly -- again without any names. Same thing with UIPanel, for that matter. Even the base UIWidget (invisible widget) doesn't have any text to update. All 4 derive from UIRect. None of them have any point in "UpdateText" as they doesn't have any text to update.
See my point?