For instance, if I take a copy of $BIG_BUDGET_MOVIE, and resample the video frames from 1080p to 720p through a purely mechanical transformation, that doesn't make the output public domain.
The BSD license doesn’t explicitly convey the right to create derivative works but it does convey the right to “modify” the software. (They seem similar but “modify” is a narrower verb.) So is this a modification? A derivative work? A new work entirely? If it shares no code with the work from which it was derived, things are more complex than it may seem (and it no longer fits the “compressed video” analogy very well).