Good question, and it got me thinking. (Always dangerous.) I pulled apart two I had at hand, a Hohner Blues Harp and a Lee Oscar. The Hohner plates and reeds look like steel, the Lee Oscar plates and reeds look brass. I'm not much of a harp player, but the brass reeds of the Oscar seem easier to "bend."
If I'm not mistaken, the early accordions had brass reeds, but they went to steel because the brass wouldn't stay in tune very well. May be a difference in the size??
I have a couple sets of brass reeds taken out of old Hohners that I don't know what to do with.