I think its a completely different configuration. I don't think a frunk tray could fit above it. The components in the photo don't appear to be densely packed so I think a lot of the empty volume exists between those components. With the frunk, they are likely routing cables and tubes around the 2.6 cubic foot frunk.
Edit: Here is a shrimp-less photo of the small 2025 Mustang Mach-E frunk (a sentence only possible in 2026)
https://fordauthority.com/2024/12/2025-ford-mustang-mach-e-gets-smaller-frunk-due-to-heat-pump/
Edit2: going back and forth between photos and also understanding the 2025/2026 models are different, I think it might only be a slightly different configuration or simply such a shallow frunk that its arguably not usable and hard for Ford to justify keeping it with the base model.
You have convinced me.
New frunk is too shallow to be practical, only a small set of their customers want it, and Ford wants to reduce cost of the base model.
I could possibly see a ease of manufacturing be worth making a different BOM if the frunk dramatically changed the layout, but that I don't think that is what happened.