Was Management Studio removed from SQL Server 2016 installation media?

• SQL Server Management Studio is now available on its own page: SQL Server Management Studio - Release Notes

  Welcome to our generally-available release of SQL Server Management Studio! This release of SQL Server Management Studio (SSMS) is a stand-alone install outside of the SQL Server release. Our goal is to update this frequently with new functionality, fixes, and support for the newest features in SQL Server and Azure SQL Database [...]

  • Download SQL Server Management Studio
  • Previous SQL Server Management Studio Releases

• It is free and no SQL Server licence is required anymore:

  This generally available release of SSMS is free and does not require a SQL Server license to install and use.

• It is now updated on a monthly basis since June 2016: Announcing SQL Server Management Studio – July 2016 Release

Team responsible for SMSS got separated and works with its' own development cycle. That means SMSS gets updated/released more often, and is independent from SQL Server releases.

Licencing You've mentioned is probably another reason behind that (and a reasonable one, if You think about it), but what's the most important is that SMSS has got some much needed attention at last.