It's the last Jedi because he will literally be the last 'Jedi'.
The first 6 starwars movies were about the Jedi and the Sith who are the 2 polar extreme opposites of each other.
The new starwars will focus on the inbetween. Luke probably found out after defeating the sith and still being betrayed that there is no better side and so he will be the last jedi and Rey/ whoever else will something new so neither Jedi or Sith. (same has already happened with Kylo Ren and the first Order, he isn't a Sith and neither is Snoke but has been trained in the light and darkside so he is basically both.)
Doesn't mean there will be no more lightsaber wielding good guys, they just won't explicitly follow the Jedi code or whatever anymore.
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I never really thought of it that way. It definitely sounds like an interesting theory they might follow along with. I do remember watching a theory about how Luke was slowly 'turning to the Dark side' throughout Episode V and VI. There was also the temptation for him to join the Darkside in Episode VI and even lashing out at Darth Vader so it would fit pretty well with him experiencing both sides. If they do follow along with a Grey Jedi plot, I think that would be pretty cool - especially with the new set of characters since it hasn't been explored in the movies.