When I ask people what Instagram is for, they always describe it as Facebook, but without all the crap. Or as Facebook with posts sorted chronologically. Doesn't make me want to sign up with it, and end up with another Facebook.
For Facebook, Whatsapp, and Instragram they all started as distinct platforms and companies, so the question would be should they consolidate. IMO Facebook has made the right decision not to consolidate, as individuals bought into those platforms pre-acquisition and don't necessarily see themselves as part of a homogenous Facebook customer base.