EIP is not associated to new instance after instance recreation

[endrec]

What happened?

I have created an EC2 instnace, and an Elastic IP, which references the instance.
After the instance is deleted and recreated, EIP is not re-attached to the new instance.
(Workaround: manually remove spec.forProvider.instance from EIP.)

How can we reproduce it?

1. Create an EC2 instance:

apiVersion: ec2.aws.jet.crossplane.io/v1alpha2
kind: Instance
metadata:
  name: test-server
spec:
  providerConfigRef:
    name: aws-provider
  forProvider:
    region: eu-west-2 # or any other, as long as it is same as eip
    # Not important for reproduction, whatever you need to have a running instance
    [...]

2. Create an EIP:

apiVersion: ec2.aws.jet.crossplane.io/v1alpha2
kind: EIP
metadata:
  name: test-eip
spec:
  providerConfigRef:
    name: aws-provider
  forProvider:
    region: eu-west-2 # or any other, as long as it is same as instance
    vpc: true
    instanceRef:
      name: test-server

3. Apply both instance and EIP manifests, and observe they are synchronised and ready.
4. kubectl delete instance.ec2.aws.jet.crossplane.io/test-server, and reapply instance manifest.
5. After instance is synchronised and ready, observe EIP is not reattached.

What environment did it happen in?

Crossplane version: v0.5.0-preview
EKS: 1.21