I see Silvanus is still trying to sell Azzarello's WW. And I still disagree. So, all is right with the world.
You may not call Strife public domain, but she IS public domain. Azzarello and Chiang gave her a distinctive (and copyright-able?) look, but it's not a look that is so definitive that no other look can work. He gave her a personality and voice, but that too can be replicated. Anyone anywhere can still legally use the daughter of Zeus and Hera that loves to cause strife.
Oh, come on now, maybe nothing's original, but it's more than just a name. Cheetah may be inspired by Dr. Jekyll/ Mr. Hyde, but Cheetah is not Dr. Jekyll/Mr. Hyde. I kind of think of it as the difference between building a house that's inspired by other houses and remodeling and existing house. Obviously, there are differences in the amount and the success of remodeling (and success can be largely subjective).
Azzarello borrows much for his story. Chiang and the art crew gave it a great paint job. But that doesn't change the fact that we've all seen and read many stories of the Greek god family drama.
'Modern' Greek gods - not new
"Zeus, you are the father." - not new
Hera's mad again - not new
Oh, look, long lost demi God siblings - not new
A battle to take the throne of Olympus - not new
Kill Ares, take his place - not new
A change in Hera - not new
The most original addition is the First Born.
I agree that the HOW is key. Even a story we know well can be done so well it feels fresh - see Disney's success with public domain characters/stories. For some, I'd wager Azzarello's WW run has enough new and enough reimagined ("transformed") to feel like a fresh story. For others, it's too much public domain without enough new.
The "problem" with public domain is that it can be used anywhere. And Greek mythology, in particular, gets used a lot. So, stories may have Lex Luthor like charCters, but only Superman has Lex Luthor. Azzarello's WW may have the only Azzarelllo look-alike Ares, but Ares appears in a lot of other stories outside WW/DC.