My personal preference:

Amazons created by the Greek goddesses (or just Aphrodite), as adults, and living without growing old on Themyscira. I found Perez's use of "souls saved in the womb of Gaia" a nice touch. The Amazons are 3-10 times stronger and faster than impressive specimens of humanity in Man's World, and of course millennia of training and fighting against monsters from Doom's Doorway (or other foes that somehow get to the island) make them quite puissant.

They don't have children on the island. (Some one-off Amazons who leave the island do, but they don't come back with children.) I do sort of like the idea that every, let us say, 900 years, the goddesses create a new host of Amazons, kind of a new generation. (Which also helps deal with the fact that, every now and then, a bunch of Amazons get killed.)

Hippolyta, yearning for a child and heir, and perhaps divinely inspired, creates a clay statue of an infant. The goddesses (maybe just Aphrodite) bring it to life, and give the now flesh-and-blood girl gifts of power that make her more powerful than any of her sisters. She is raised, and trained, on Themyscira by her mother and the other Amazons.

She competes, disguised, in the Contest of Champions. But - and here's my head-canon detail that's never been tried out - she knows that that's not fair, because of her powers. So first she goes to an Amazon mage (typically, Magala) and asks her to secretly cast a spell (with Diana's willingness and assistance) to temporarily take away her special powers and store them in a jar. (And what Magala might do with a few drops of that power, without telling anyone, might be some other story.) Now, Diana is at something of a disadvantage, because she's never trained without her powers before, and has to adjust in real time to competing without them.

But with Diana's courage, fortitude, and will, she wins! And is sent to Man's World, where she becomes Wonder Woman. And so on...

(I also prefer a Donna who is human and born in Man's World, winds up on Themysicra for a while, and - in a manner not planned or easily repeated - gains powers not unlike Diana's. But at least spends a goodly portion of her life, either before or after, living as a girl in Man's World, so she's not so much a "fish out of water" as Diana is. And I also prefer a Cassie who cleverly gathers together some mystical implements from Greek myth, which give her superpowers. If she has some divine ancestry, that's okay. But I think making her Zeus's daughter was a bit much.)

But that's just me.