Smells like an FCC regulation waiting to happen.
I don't see a problem. Users want influencers backed by brands. Brands want influencers with lots of users.
Unless the influencer falsely represents their sponsorship history to a brand, this "hack" doesn't hurt anyone. The worst-off party are users. They follow someone they think is shilling products but is actually shilling themselves. Given this is Instagram, I don't see that as a huge problem.
Let's say instead you have a 25 year old man who started out with inspirational instagram posts have slowly started to cross the line into far-right slogans and maga hats. Now you don't just have some randomer endorsing your product, suddenly your family friendly business is being accused of been forking money over to neo-nazis.
Or only if the company providing those goods/services doesn't like what is being said, or who is saying it?
Freedom of speech doesn't cover false representations.