Some say it is, some say it's not. To me, it still is. Yeah, it may or may not look spot-on, but there aren't really any rules written in stone for a cosplayer. (More so, due to the fact that some would even consider this an art form in its own right.)
I'd like to share some of the answers of people who were in on the discussion.
"This is just me, but to be influenced to dress up by a concept may be cosplaying. It's all a matter of how much respect you can give to the original concept/character.
- Wild Quaker
"If there's a costume, and there's a character being portrayed, then it is cosplay. Cosplay is not math nor science with specific formulas"
I don't think I need to dwell more in this topic, so I'm moving on to another one, and that is the ever-popular "closet cosplay"
You see, a good trick with closet cosplay is to actually get something that closely resembles the outfit in question and modify it. You add details from the actual costume to at least get more points in accuracy. Upon saying this, I suggest it'd be best to get characters from series set in the modern time.
Another way to make it, more or less, focus on your prominent physical appearance (hair, face, scars, freckles, etc.) because since you've already let out on the clothes, you might as well compensate with your visage, right? (The last thing you'd want is to be mistaken as a different character. I hate it when that happens)
Well, that ends this entry, thanks for reading! :D