Sure Snapchat is still the more known of the two when it comes to sending photos directly but that's not where money is made. Money is made in stories by having sponsored stories and ads inserted between the stories of the people you follow. Instagram is getting more of this so they can show more ads and make more money. Also, the advertisers you seem to be so sure of being on Snapchat will move their money to Instagram once they know that Instagram has more users and more eyes. Also teenagers don't make any money to spend on things after watching the ads. So I am not sure if that's a positive in favor of Snapchat.
If five people are telling they think this is looking good for Instagram which you have already uninstalled, may be its time to look back at your opinions. But who am I to tell, I don't have any horse in this race. I do own some $FB but not enough to think about this one way or the other.