I read one bit of utopian fiction where the propagation of digital production was limited to a nearby social circle. That way, people weren't constantly comparing their photographs with the best photographer in the world, or their musical compositions with the best musician in the world. People would specialize and create things, but for the benefit of their social circle, not the entire world. I wonder if something like that, but for Instagram, might be worth considering.
i don't think comparing your photo with the best photographer in the world is necessarily a bad thing, it shows you what you haven't learnt yet and how composition/lighting changes things.
if you translate that into FOMO somehow i think that's on your broken code/way of living rather than anything else.
Sounds like Google+! I love the idea, I can be the dedicated (dark) bard for my group of friends. The realities of the situation are probably vastly different, but hey, I need hope.
It's easy enough to create a private profile on Instagram and only post things for the benefit of your close friends. I have an account for exactly this purpose.