This is a great question and I'd love to hear how others are fared on this also.
We initially put a lot of effort into Instagram in an attempt to gain traction (maybe ~2 years ago when we had just 2 listings). A handful of people found us on there, mentioned it on IG, and may/may not have actually booked from it. I dunno. . . For our listings, (higher end, near perfect reviews, amenity focused - but by no means OMG or prototype "Category" listings), it doesn't seem to do much of anything.
We also are constantly imploring our guests to post fun pic/tag us, etc. Then, we'll often find them bragging about their time at our listing (with fun pics), but not tagging our IG! What's that about?
I'd say 95% of our bookings are from conventional Airbnb search (we don't host on any other platform), 4% from word of mouth/return guests, 1% from "other" leads, which would include Instagram.
Our IG handle is @socalstr. My wife works maybe 15 mins a week on it. I'll take any advice!
We have also hosted "influencers" at the home a few times (2M subscribers on YouTube, 500K followers on IG, that sort of thing). They made some cute videos/great pics, etc. Did it equal more bookings? I'd say a pretty definitive "no."
"We'd love to create some great content at your listing" is code for "we want a free place to stay, and we need to create 'content' anyway since we're running out of drivel to film/talk about." Don't get me wrong, if Lady Gaga wants to stay at one of our listings for free in exchange for bragging about it, I'm game! But short of that, we've found the return on investment with "influencers" to be very, very low.