2. Some or all of the Service may be supported by advertising revenue. To help us deliver interesting paid or sponsored content or promotions, you agree that a business or other entity may pay us to display your username, likeness, photos (along with any associated metadata), and/or actions you take, in connection with paid or sponsored content or promotions, without any compensation to you. If you are under the age of eighteen (18), or under any other applicable age of majority, you represent that at least one of your parents or legal guardians has also agreed to this provision (and the use of your name, likeness, username, and/or photos (along with any associated metadata)) on your behalf.
3. You acknowledge that we may not always identify paid services, sponsored content, or commercial communications as such.
Or, if I could translate slightly: Instagram may, at their discretion and without telling you, use your photo to sell or promote something to other Instagram users – most likely your followers – and not even clearly identify this as an advertisement or promotion. While, strictly speaking, these Terms don’t alter the copyright status of your photos on Instagram (you own them, but give Instagram explicit permission to use them, re-use them, or let third parties use them as long as you’re still an Instagram user) the tone and spirit behind those uses have changed substantially. Sure, this might be a trade-off that many people are happy with: they get to keep using Instagram for free, and all sorts of new advertisements and promotions appear, some using images you’ve posted.
These updated changes may not worry you in the slightest, but please take the time to consider what they mean before they come into effect.
Incidentally, I’d love it if Instagram added native support for Creative Commons licenses, but I understand that as a Facebook-owned company, that’s highly unlikely. The lesson Instagram might learn from a conversation with Creative Commons, though, is having layered Terms where human-readable terms means read by all humans, not just those with law degrees.