The eject button in the menubar is only designed to eject the CD/DVD drive, and not internal or external drives. It has never been there to indicate the ability to eject a HDD, only your optical drive. So simple answer: Your Mac is doing what it's supposed to do. Only CD/DVD drives appear in the menu bar.
Your external hard drive should appear on the desktop. To eject it, drag it down to the dock, and your trash can should transform into an eject icon.
The eject button in the menubar is only designed to eject the CD/DVD drive, and not internal or external drives. It has never been there to indicate the ability to eject a HDD, only your optical drive. So simple answer: Your Mac is doing what it's supposed to do. Only CD/DVD drives appear in the menu bar.