Just because kids have access (which is mostly on Parents to blame), you want to add another app in the name of "it is kid friendly". I can only lol at this. Seriously, I don't criticize such harshly in general but as a parent of young kids, I would rather have Instagram be honest and say "We want to make more money and Kids under 13 are a great target nowadays".
I am very open with kids having access to things in a moderate way. We allow them to watch movies/TV or even Ipad etc but restricted. I believe that the more you stop kids, they more they want to do it. One exception we will make will be Social Media. What a cesspool it is and there is no way I am allowing my underage kids to do Instagram or FB or whatever. I will fight hard to keep them away from the toxicity of Social Media. Some things they won't understand and you need to protect them from it regardless. The good thing is both my wife and I hardly use Social Media if any. So that hopefully will be an example for kids but I know that may not be enough considering other kids in their school may be doing it and there will be peer pressure. Ah well, I am ready to fight that.