After quick round of googling, looks like this is affecting lots of people.
Instagram has no support and there is little hope the account will be restored (maybe few of those affected will be recovered - but likely only a few). Also (from a separate incident) looks like Instagram has no email verification whatsoever and possibly other security problems that contributed to the issue.
Now, what I'm wondering, is if this mass suspension / deletion event would have any consequences? I.e., may it be that trigger that will force more people to take digital dictatorship prospective more seriously?
It's an infuriating experience to say the least. I've lost the account name that matches my business name, followers who were genuinely interested in my product, and all the time and effort that went into putting posts together.
The whole experience has really made me rethink marketing though the platform and how to advertise a small business in today's digital world.
As for if this will cause them to leave - they didn’t leave after incident when it was down for half day, why and Where would they leave now?