It is what it is. Instagram needs to evolve to survive, whether we like the changes or not. It's still our choice to be there or not be there, as it's a free service that we don't pay for, and they honestly don't pay us at all…except they use us to become really big, but hey, that's modern business.
He also rightly comments on Instagram's "people are naturally interacting with video more over time" statement being a little funny since Insta has also spent years pushing video more in the app, so I'm not sure "natural" is the way I'd describe this change in behavior.
All this said, I think that people see Instagram and think their goal is to be the best place for sharing photos online, but I think that their ultimate goal is to be the place people spend the most time consuming visual content, and they will chase whatever trends they need to stave off competitors who challenge them. They started with photos, but their hart clearly isn't in them anymore.
If you want to use a social photography app, then Glass is the current leader in my book.