In 9.3, with the item changes, Essence Reaver will lose the cd reduction passive, but they will revamp Spear of Sholjin to take that passive under a different name (Dragon's Heart). Let me ask.
WHY ?
The passive is extremely strong on some champs, (notable ones are Riven, Jax, Renekton, Fiora), but it overpowers their already strong ultimates (which are already a que to nope away from them and wait it out ) and essentially gives them god status every time they ult, which wouldnt be gated by that much since SoJ will give 20% CDR and they all get max cdr anyway.
The passive is extremely unhealthy on those champions because it removes the counterplay of playing around their cooldowns, which, in Rivens and Renektons case, is the only way to even lane against them.
EDIT: As someone in the comments pointed out, These champions were already balanced around the items they had built. Essence Flare doesnt make their abilities stronger. It just gives them the power to break the conditions they are balanced around.