I suppose social media like Instagram makes the experience different, more intimate perhaps. Reading newspaper accounts of super-rich lifestyle is still a bit like hearing tales of life of Kublai Khan: it's something that happens far away, half mythical and half magical. A magazine publishes an article how the super-rich enjoy their life, sailing around the world on their yachts? Maybe it was an overview of the phenomenon in general, or if it was an in-depth portrait focused on some particular celebrity, it probably was a story about what they did maybe weeks or months ago. And in any case, when you've read the article, you put the magazine away, and continue with your life.

Following people on the internet service, looking at the pictures and stories they personally share with their followers in near real time, it's a bit more like observing a person doing all those things on first hand basis. And that could make it more soul-crushing as an experience.

But this is all conjecture. Someone pointed out in other comment that the true reason might be the economic downturn.