I knew the day that Facebook/Meta bought Instagram that it would eventually wreck it. It took awhile, but that day has come, at least for me. It will for you too. It went from being a place to post photos to a place to post stories to a full on replacement for Facebook/TikTok/Messenger/etc. Yuck. I can barely use it now.
For more on the disaster that Instagram is becoming, read: Building a new Titanic on the deck of the old one. This piece shows it isn’t even helping Facebook/Meta: Data Shows Decline in Instagram Post Engagement As App Favors Reels. So they ruined it for themselves AND the users. Interesting business model.
Overall I think this development suggests the decline of Facebook/Meta, the company. For more on that decline, see: What Is Facebook? in The New York Times
Smart People I Know 
Do you have any suggestions of other apps that could replace it. I’m seeing the same thing as you.
I am not aware of any, but it looks like Instagram is backing off. So that’s something.