I have a feeling that the people who want the \S/ and suit so radically redesigned are first and foremost Marvel fans.
Here's where I get that theory: Marvel has a long history of changing their characters' suits on a whim (i.e., stunts) and so to a Marvel fan, of course you think a suit isn't that important.
But in the DCU, costume changes are rare and while sometimes significant, they more often than not revert to the classic look. This is mostly the case with The Batman and, of course, Superman.
This does not need to be "updated:"
Simply use new, modern fabrics to make the suit, and you have a winner:
And people, even the "GA," WILL accept this.
The rest of you who don't like this can go create your own character with that crappy looking "S-shield." You won't have any problems with copyright because while a vague sense of an S-shape is there, IT'S SO CRAPPY IT WILL NOT BE CONFUSED WITH SUPERMAN.
Let me know when you release your character to the world so I can make sure to stick around and see if it lasts seventy-three years.