These two games were my teenage years!

I wonder if there are games inspired by LoM and DR. Like Freeciv is of Civilization. I did try to look from web, but couldn't find.
Because, I think these games would deserve to be modernized.
Don't get me wrong: I love the originals. And so great that these games have been updated to newer versions!

Runestone and Sorderon's Shadow. But they are almost as old, and are more Adventure games than Strategy.
There's also a newer game that is more like LoM and DR, which I haven't played, called Legions of Ashworld, which is probably your best bet.

I'm always surprised more games didn't copy the turn based 3D element of these games.

I know of one new game (by me!) - Fernageddon.