Some Hubbers prefer to use their real name on Hub Pages because the Hubber might have their fingers in other pies - pies that they want you to know about - pies in the community, pies that are globally welcoming (so to speak). The real name identifies which piece of the pie is theirs.
I prefer to use a Pen Name.
In my mind I Am creating a character based on a multifaceted human being, whereas using your real name is limiting.
In theory it means I can be in everybody's business and be opinionated about everything to do with HP - regardless of whether my opinion is needed, real or not.
In practice, time is of the essence - I ain't got the time, so I stick with my interests.
One of my Pen Names worked well when I was being highly critical, but it didn't work when I was being nice, so I created another Pen Name - a more neutral name (above).
Unless you know 'the letter and spirit of the law', HP Terms and Conditions is set like any other Ts & Cs in which 'you have to click' that you've read, understand and agree to all their Ts & Cs, each time you set up another account/username/pen name, so it's hard to say what the real implications are, as most of us don't know 'the letter and spirit of the law'.
If you do have more than one account, you cannot use them concurrently or have lots of windows open. You have to sign in and sign out to switch from one account/username/pen name to another one.
Many celebrities today, use their real name - which I think is just a fashionable trend and pastime. Many 'stars' of the 1920's - 30s, 40s, 50s, 60s and 70s used 'stage names'.
Authors use pseudonyms, screen writers will kill off one character and create others.
Gangs have street names.
Family members have pet names or nick names.
It's all relative so Go-Ahead and create a new name for yourself.