Contrary to what the other answers have stated, the Unicode Standard does not actually care whether Ø or Ð or any other character is “fundamentally a different letter” or not, whatever that may even mean. Nor does it matter what purpose certain diacritical marks are used for. It’s all about typography and the capabilities of fonts and text engines.
From section 2.12 of The Unicode Standard, Version 15.0.0:
Most characters that one thinks of as being a letter “plus accent” have formal decompositions in the Unicode Standard. [...] There are, however, exceptions
involving certain types of diacritics and other marks.
Based on the pattern for accented letters, implementers
often also expect to encounter formal decompositions for characters which use various
overlaid diacritics such as slashes and bars to form new Latin (or Cyrillic) letters. For
example, one might expect a decomposition for U+00D8 LATIN CAPITAL LETTER O WITH STROKE involving U+0338 COMBINING LONG SOLIDUS OVERLAY. However, such decompositions involving overlaid diacritics are not formally defined in the Unicode Standard.
For historical and implementation reasons, there are no decompositions for characters
with overlaid diacritics such as slashes and bars, nor for most diacritic hooks, swashes,
tails, and other similar modifications to the graphic form of a base character. In such cases,
the generic identification of the overlaid element is not specific enough to identify which
part of the base glyph is to be overlaid.
Essentially, overlaid diacritics are too ambiguous in most situations to be of practical use. A sequence “capital D + overlaid short stroke” could result in Ð, with the stroke crossing the left side of the D, but the stroke could just as easily go over the right side, or the middle (like Ꟈ), or lie somewhere in the upper or lower parts of the glyph. And there’d be no way to differentiate any of these options.
There is also the problem that diacritics like this often need to be contorted to fit the shape of the base character. Consider all the different letters with an overlaid tilde for instance: ᵬ ᵭ ᵮ ᵯ ᵰ ᵱ ᵲ ᵳ ᵴ ᵵ ᵶ. Modern fonts can certainly deal with this, but any font that didn’t specifically account for all possible combinations would look awful, potentially even leaving some letters unidentifiable.
A similar issue exists for the palatalized hook and retroflex hook diacritics, which is why these are also not used for decompositions. For example, an s with a palatal hook looks like ᶊ which is easy enough, but an ʃ with a palatal hook actually has it attached to its side by an extra “stem” like this: ᶋ
There are very few overlaid diacritics in Unicode and those that are actively used mostly belong to writing systems where complex shaping rules and glyph substitutions are a prerequisite for rendering any text at all.