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In case you didn't already catch it, in the FAQ blog post from April 16th, the hytale team said:
We will still provide a username reservation service ahead of the game’s release, though the implementation of this has proved to be more complicated than we anticipated. We understand how important getting the right username is for players, particularly content creators, so we fully intend to launch a system to account for this ahead of Hytale’s release.
If they plan for the game to be playable by everyone in 2021, I think it's safe to assume (post Riot's acquisition) name reservation will be available some time this year, although nobody knows for sure.