Certainly possible. I do know they have done some small work to de-emphasize the numbers -- the idea being that seeing a small number next to your own post makes you sad and less likely to use the service. And I suppose I could see the possibility of a place like instagram deciding, actually, we can deduce enough based purely on who you follow, whose stuff you regularly click on.

Who knows, maybe they do actually see the possibility of culture at large making a hard turn away from SM due to its tendencies to increase depression & anxiety, increase conflict, etc., as a serious risk to their business.