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As far as I know the biggest change was hosting the pictures on Facebook server infrastructure. So it requires copying the pictures to another infrastructure and replacing the URLs ? Of course it will be a huge task but I don't think that FB and IG are sharing a lot of code.

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The biggest challenge would be the advertising. Moving photos is far easier.

Replicating and building out an ad platform like FBs from zero would be very very hard. None of the other social platforms ad networks are even close in quality but especially interface/targeting/features. Snap / TW I would say are at maybe 5% if I had to pick a number...

Especially especially taking into account integration with FB pixel.

Photo hosting might have been the biggest immediate change back in 2012, but since then there have been a lot of features added to IG that share a lot with FB. You've probably seen things like recommendations of people to follow in IG based on FB Pages that you've liked, etc. And video streaming infrastructure is shared, and that's much more complicated than photos.

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