You're comparing apples to oranges here. WeChat is a "superapp" platform for doing distinct things: chat, payments, ticket bookings, etc. Instagram's features, on the other hand, are all purely social networking.
On the topic of social, though, WeChat has private messaging and broadcasting, location sharing, a social feed of friends' updates, and public accounts that can push feeds to subscribers [1]. Mediums include text, voice, photo, video, and location, all shared through a variety of types of feeds.
East Asia is just a lot more friendly to conglomerate structures in general. Korea has Naver and there's Yahoo Japan.