If Maw of Malmortius isn't for assassins
Who is it for?
Serious question.
Juggernauts generally won't get it, since they usually get enough CDR and MR from their normal builds, and Sterak's Gage is a better shield item for them (the shields presumably still don't stack).
The only divers that really get it are the ones with assassin-like traits (like Vi, Wukong, or Renekton), and so would prefer the flat armour pen IMO.
Marksmen (I know it's not for them but still) that get it are the ones with big boy burst like Jhin or Graves, so the flat armour pen is better.
Tanks of both types don't want it for obvious reasons (except maybe a bruiser Poppy).
The skirmishers that would get it either already get enough CDR (Riven) or don't give a shit about CDR (Yasuo), so it's really only good on Fiora who would prefer the CDR over the flat pen.
What does that leave then? Who is meant to use this item? It's pretty much only used by assassins or champions with assassin-like traits like Pantheon or Wukong.