This is very worrying to me, since I have a three-letter IG account and I already get daily recovery emails triggered by unknown actors. They have this system which after some number of these you'll also get a second link like "you can _limit password resets from devices you haven't used before_" but it's only for like 60 days, then it resets to the normal "anyone who types in your username can request resets" mode.…
You're lucky you weren't affected by this. Several people I know with three-letter usernames had theirs stolen over the last few days. When I recovered my account that had been stolen through this exploit (luckily, my username hadn't been changed), I was sent a code to my email address and then asked to use my TOTP code, backup code, or a video selfie. I used my TOTP code and was let in just fine. They certainly have…
So I went to check it again just now after reading your comment, and I was immediately as soon as I opened the app, prompted to create a new password, which I did.
very very sketchy things going on here. But I'm glad that they didn't fully allow my account to be stolen :/