You can actually use Luna without reasoning (set it to "none"). So if they wanted to, they could definitely replace 5.5 Instant with it.
It probably costs them a substantial amount of money everyday to not replace Instant with Luna, and the people who want larger models will upgrade regardless of whether they get Instant or Luna on the free tier. It is unlikely the amount of people upgrading just to have latest models would be enough to offset the costs.
[1]https://artificialanalysis.ai/models/gpt-5-6-luna-non-reason... [2]https://artificialanalysis.ai/models/gpt-5-5-instant-05-26