Why not just call him the "master of melee" now because he can outduel in exchange for everything he had
on a side note though, has anyone considered the possibility of him jungling again? with his Q stacking repeatedly, he might have decent clear times and shield. his W could also be used on a laner to give them a boost
but honestly, this rework doesn't fit his theme at all...well, let's look at his theme
he's a brutally scary torturer evil spirit (lol, try saying that 5x fast XD ) that enjoys beating, chasing and taking people's souls to torture them in their afterlife and is "supposed" to have mastery over metal laughs at jax : i'll take that
yet now his kit has reduced range because of Q aoe, why would mordekaiser care at all to shield an ally? let alone have to unless he knows its to his advantage in a fight and does it for selfish reasons...but, that's kind of stupid to do that "every" time
then there's the dragon bit...is he supposed to fit the evil sorcerer theme now (veigar)?
as someone else posted in another thread, good mordekaiser players or a good team will take advantage of his passive and wreck with the dragon early game...meanwhile everyone else will either lose lane attempting to take dragon or quit using him because he doesn't have the same amount of power as his old build and a lack of cooperation in bottom lane
thematically, his new melee bruiser status would make sense in team fights....if he weren't already the most likely target to die first because he has to fight first or he'll never make it to the enemy