Nothing new in world of phishing, hackers target all social media accounts so Instagram is no exception. Although this case does not seem too serious, they put in extra effort in the form of the false 2FA, after which user is redirect to fake sign-up / log-in page.
This type of fraud is only possible for those who do not pay attention to details, and what you need more then
cf domain to realize that the page has nothing to do with real Instagram.
Best protection is to use bookmarks, when you are 100% sure that you are on legit site, save it to bookmark of your browser and always access it from there, but take few seconds and check site address for extra security.
This site is already blocked by Chrome, and probably Firefox.