There have been only 2 premium mii costumes, you can't make any pattern out of 2 occurences. If you don't believe Spirit deconfirms, there is no reason to believe premium costumes can only be new stuff.
Iv'e made a post before hand explaining my point of view on premium costume.
One thing to know is that they were both new characters to Smash , and surprises that pleased the majority. People didn't expected a playable Cuphead despise the desire of the Cuphead developpers , and Sans was seen as a big impossible meme. People were happy to see a Sans costume.
Of course they could say "frick it , here's Lloyd with a Tales of music track"
it can happen , but why should it happen is the real question.
At most , they price the costume a
tiny bit higher , by like , 20 cents or something. But well , why would they go through that trouble when they have pretty much all the assets ready ?
Knuckles and Tails would have fit perfectly as premium costumes due to their chara design , and heck , we have a ton of potential Sonic music to add to Smash... But they didn't. Another example of a returning costume that could have come with a track would be Akira ; He's an AT , but we have 0 Virtual Fighter music in Smash. And he didn't brought music.
Considering to
who they give the deluxe treatment and how they treated returning costume over the course of
both Ultimate's base game and 5 DLC Fighter Packs , I personnaly don't believe returning third party costumes will get the deluxe treatment. They don't have the surprise factor , they have assets ready , and several of them are seen as serious contenders for Smash now.
I think the costume can come back , but I don't see it coming back as a deluxe outfit considering what happened. The only argument Iv'e seen against that is "Well , it could happen" wich is pretty weak imo.
It would be random for Nintendo and Sakurai to be like :
Knuckles ? No. Tails ? No. Mega Man X ? No. MegaMan.EXE ? No. Proto Man ? No. Akira ? No. Jacky ? No. Zero ? No. Geno ? Yes , bring a track and let's make a new costume.
And well , it's not like we're exactly lacking in Mario music , either.
Selling a brand new track from a game with no representation in Smash like Megalovania or Floral Furry is a much more interesting buy than... Another Mario track , for the general consummer. Heck , I could even see people complaining that we have the SMRPG battle track , but no PM battle fanfare or Superstar saga battle theme.
Tl;dr : It
could happen , but they lack a
proper reason to give that treatment to Geno , and not anyone else. So , if the Geno costume come back , it will most likely be untouched from Sm4sh.