Why on earth would someone go through with this?
Otherwise, in certain social groups (especially young adults), Instagram is the main way to stay to stay in touch with friends, even just for the messaging app. So, not having an account means missing out on significant social connection for some (e.g. if it's the platform where the group chats are hosted).
It really depends on your friend group, though; for many people, their social groups just aren't on Instagram or social media very much or at all, so it's easier to quit because there's nothing to miss out on (so for these people, the verification would hardly be worth it).
It's a primary communication tool.
I also do a lot of photography and it's the place to show my work (at least if I remotely want and real reach).
Many people use Instagram for their business too, as it's the best way to reach their audience.
For the newer generation it's a mandatory tool for social validation. Not defending that it's good. But it is what it is.
Also a bunch of my younger ex-coworkers and I are only connected on Instagram, and even some of my business contacts. I literally just got an investment lead via Instagram.
I always found this a tad odd. Most people would only share flattering or happy pieces on social media so you cannot account for hardships or problems they are facing in real life which I assume would be one objective reason to keep up with family.