It's not staggering. I fully expect thousands of people to lose their IG accounts per day to other hacks before this bug. That's like 0.000001 percent of active users. It's a big platform with many people.
But totally Meta should pay. There's not many people to pay. They should sue.
Here are some sources that show the amount of hacked accounts, daily, before this bug is thousands or even tens of thousands. Apparently 30%+ of all social media account takeovers happen on instagram and it's not even the largest platform.
I didn't verify the sources, just searched how many.
https://www.hackingloops.com/social-media-hacking-statistics...
https://www.zerofox.com/blog/often-social-media-accounts-hac...
Downvotes are welcome to share their sources