The ELF format indicates NEEDED fields as a "terminating null string" and no longer speaks of encoding, which pretty much implies an 8-bit ASCII string.
I personally see no reason to complicate the specification of the executable file format, which does not provide any additional value for the final product or development process: the user will not see the library names, so they would not want to localize it. You can try using UTF-8, but the actual encoding of the file system is not guaranteed by UTF-8. To make sure you need to know how your target linker handles these lines.
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