Will there be an update to stream on Instagram?
Instagram has not made any indication they want to support hardware encoders and have not built an API the way FB and YT did.
As well, the WCx2 is now discontinued, we will not be looking at developing/adding new features in the foreseeable future.
Okay, What is equivalent to the WCx2?
We currently do not have a direct replacement for the WCx2.
Going to a more sophisticated like a Pearl would give you custom RTMP/RTMPS, however Instagram is not really setup for that either, their focus so far as always been the mobile app.