I'd go so far as to say that the difference is what allowed them to coexist with myspace for so long. It's not as though they launched and then myspace promptly fell over. The two were side by side for years, the same way FB and snapchat are/were.
Compared to that, the IG stories feature is a much more direct imitation. The geofilter and text implementation are so similar that, to anyone but a power user, a screenshot of a post from each would be indistinguishable.
With that said, I can't say I'm mad to see snapchat in decline. They put pepsi ads between videos of people I care about. Straight to the dumpster with that.
my IG stories (the snapchat competitor) are, at the moment, ad free, as is my feed.
Facebook is certainly guilty of that, so I'm off there too.