Granted, when they stopped smoking the funny stuff and actually produced something a bit closer to the original format it didn't turn out very well. But at least they got close.
Barely. The character had the same name, but she couldn't have been a more different person. And while the premise -- cybernetically enhanced superwoman in the employ of a government agency -- was superficially similar, it was profoundly different in every detail. If they'd changed the title and the main character's name, it could easily have been presented as a totally original show. (Much like the current show that calls itself Human Target, which didn't even bother to keep the basic premise of the comic it's barely based on.)
The more I read about this WW remake the more I think it's not a remake of the comic book, or Lynda Carter's TV series, but a remake of the 1974 Cathy Lee Crosby movie (which likewise abandoned virtually everything from the comics).
Actually that movie's approach was based directly on the format of the Wonder Woman comics from 1968-73, the "Diana Prince era." In an attempt to revitalize the comics, they had Diana renounce her powers entirely and become a mod superspy/martial artist character, influenced by Emma Peel of The Avengers (the British spy show, not the Marvel superteam). Since that was the version of the character that existed in the comics when the '74 pilot movie went into development, it's natural that's the version they based it on. They were trying to be faithful to the comics, but the comics themselves had changed.
They're just worried that they won't be able to find another Lynda Carter who can fill the swimsuit without looking silly, so they're dropping the swimsuit.
I have read nothing which suggests they're abandoning the costume. The description says she'll be a successful businesswoman by day and a superhero by night, and if she's got a dual identity it stands to reason that she'd probably have a costume. Although I wouldn't be surprised if they went with the recent redesign or something similar.
Which is fine, but you don't go dropping everything else, too. Otherwise they might as well drop Diana altogether and just launch a new TV series about a female crimefighter who gets nicknamed Wonder Woman.
It sounds to me like they're mainly changing what she does in her civilian identity. For much of Wonder Woman's existence, she has had a civilian Diana Prince identity, initially an Army lieutenant, then a boutique owner (in the '68-'73 phase I mentioned above), then a UN employee, and most recently a secret agent for the Bureau for Metahuman Affairs. So having this version of Diana Prince be a corporate executive isn't necessarily a profound difference in format. Diana's civilian job isn't as carved in stone as the Daily Planet job is for Clark Kent (and even Clark left that behind to become a TV anchor in the '70s and '80s).