More private engagement options for Instagram continue experimenting with a new one called "Blend," essentially a merged Reels feed, based on the Reels you have shared with a friend.
your merged "Blend" stream, with a friend/connection, will include:
  
"Reels recommendations based on Reels you've shared with each other and your Reels interests.".

So basically, Instagram is testing a more organic way of allowing Reels sharing by leveraging the behavior of users who share Reels in DM.

Which is actually becoming a lot more commonplace.

Last year, in 2022, Instagram head Adam Mosseri wrote:

"Friends now post a lot more to stories, and send a lot more DMs, than they post to Feed."

This led to Instagram's effort in providing new features on the way of private sharing within the app. Such includes features such as:
Inbox Notes-a chat-prompting feature, where Instagram draws up to your DM inbox and showcases prompts based on chats by your connection.
Channels - One to many messaging platform which aimed at celebrities and creators searching for a way of interacting with their fans that may not compete directly with regular direct messaging
Collections lets a user participate and engage with shared posts in a group feed
Instagram's also added an option to share feed posts with Close Friends only
Blend feels much more targeted to connect in the usage of Instagram as a content aggregator, whereby more and more people start sharing their favorite memes and clips with friends, be it via DM or face-to-face.

This could actually make it a much more engaging, in-app sort of thing where actual content discovery is also a group experience and that could actually be a valuable addition.

Although this might not work too.
Instagram isn't live testing this as yet, but if it can get it right, it does seem like it could have some potential.