Here in Uruguay, the most useful feature I found in there and the main reason why I kept coming back to it was Events, and lately they seem to have dropped the ball on that too, only recommending the most anodine, generic things possible.
Friends with bands and tiny galleries have complained that their events just don't get that much people in anymore. The boringest, most astroturfed events just get to eat their lunch instead, and as a consequence even that is getting unusable this days.
-minor side rant- Also, Instagram has been Facebook For Teens for a while already, hence actual teens escaping to places like tiktok and wattpad. Whatever algorithmic choices FB is making, they don't seem to be working that well on them.