Those are such diametrically opposed interactions, I really don't understand the thought process that went into that. Usually sharing is the last thing you want to do with a photo you're trying to hide, and with the share dialog open it always feels like you're just one mistap away from sending it to whoever.
I guess with the "Duplicate" / "Slideshow" / … options the share menu has become more of a general action menu, but if that's the idea, they should really change the icon imo.