Misconceptions and false panic have left users in a bad spot
As for what else the new terms allow, Instagram is now free to share user data with parent company Facebook. That's also likely to raise some eyebrows over potential privacy concerns, though Instagram insists the improved exchange between the two will help it "fight spam more effectively, detect system and reliability problems more quickly, and build better features for everyone." It's also a necessary step for Instagram's content to eventually find its way to Facebook's Graph Search. The billions of geotagged photos uploaded by Instagram's community are destined to be a treasure trove for Facebook's major new feature.
If you're still unhappy, uninstall the app