Casey Neistat's Beme app did this but for video. It wasn't a success.
It is intrinsic to who we are as humans to want others to see a version of ourselves that we want them to see. It is the reason that fashion and beauty are such large and enduring industries. And so trying to build an app that fights that is never going to work.
You're right that Beme had many similar elements, but IIRC it was focused outwards - you'd place the phone screen down on your chest triggering it to take a video (or the wall to take a selfie)
What's interesting to me is that IG seems to emphasize a very specific form of "curated authenticity" that's distinct from Beme + taking raw video. Maybe IG's the "Based on a True Story" of social photo apps.
It is intrinsic to who we are as humans to want others to see a version of ourselves that we want them to see. It is the reason that fashion and beauty are such large and enduring industries. And so trying to build an app that fights that is never going to work.