Innovation means different things to different people. To you, it seems to mean a mathematical or algorithmic breakthrough. To me, it also means getting an existing idea or technology, and deploying it in a new, real-world context, solving the UX / scalability / security / policy issues that arise in the new context, and make it commercially viable.

The fact that Cloudflare is the first global-level CDN to implement this kind of keyless SSL termination to me is innovation, even though it's based on pulling PKCS11 at the IP level. It's solving a real-world problem in their context, which nobody has solved before, and customers pay for it.