It is hard to optimize for different tasks at once, while I'd also argue it would be possible to strike a good balance. But I think it is a pragmatic decision rather than try to achieve that perfect balance, and let several instagrams take over, do the right thing for each task and a year down the line knowing usage patterns, with much better hardware, you can think about a consolidated app.
I think they should fix it. But if their current solution is to make the photo taking/sharing a separate app, that's fine with me. I use Facebook mobile more to take/share photos than anything else on Facebook.
Ultimately I think it boils down to what you think of when you want to do take a photo or send a message which maps to (Facebook Camera, Facebook Messenger) more naturally than just Facebook.