I don't disagree with you, but this is not a situation where you are going to find a solution in the problem cause.
Many parents will keep raising theirs kids with undiscriminate access to smartphones. Just because you have it under control in your household, doesn't mean everyone does.
You're basically saying: "Not my kids, not my problem".... and that's the position many will take.
I'm not convinced IG for Kids is the right solution, but it is at least an intentional move towards fixing the foundation of the problem. It will take more than that, though. It's probably a problem that needs to be fixed by forcing big tech companies to cooperate, something that it's unlikely to happen in an era where those companies enjoy antagonizing each other.