I feel like TikTok took the Vine idea to its natural extent. Meanwhile Facebook/Meta shoehorning Snap & TikTok features into Instagram ruined Instagram and wasted their lead.
Many big tech companies don't perform real R&D, instead they're fast-followers - piggybacking off whatever their competitors do, but the truth is that "disruption should come from within" because letting a competitor design your next product feature is f'n foolish (we see this a lot with consumer hardware too).
Imagine if Facebook/Meta actually focussed on Instagram's core strengths, and had cultivated a proper community or reason for being (e.g like YouTube or Twitch), rather than just spending all that time thinking about how they can squeeze more ad revenue: sure they might have not have had such big short-term ad sales, but Instagram would have found its feet and not have been so easily disrupted - heck, this might have led to innovative ways of advertising: two-birds-with-one-stone imagine that! (/s)
I think I speak for many when I say this is a core frustration with Facebook/Meta. There is nothing exciting coming out of their company because they don't make new ideas* and that leaves themselves open to disruption. By being too focused on ad revenue their acquisitions haven't progressed since day one, instead each looks like a Frankenstein's monster of the same app but with loads of ads and competitor's features bolted on.
* Even the much hyped metaverse isn't offering anything new.