Instagram is a powerful marketing platform because of the below reasons:
2nd most popular social media network used in the world [Hootsuite 2022 Study]
Suitable for B2C
Content creators and influencer’s business-friendly platform.
Best ROI-based social media channel [next to Facebook] - [HubSpot 2022 Study]
One of the top 5 social media channels by engagement [HubSpot 2022 Study]
Top 3 preferred social media platforms for paid advertising.
“Instagram is still the major creator channel with $2.23 billion spent on influencer marketing just in the U.S. this year – mostly thanks to the “wide range of shoppable content” - eMarketer’s Influencer Marketing Report 
Here's related information that you may find helpful - Social Media Trends 2023 [63 Key Insights and Stats]
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