Instagram is following in Twitter's footsteps today. You can finally put hashtags and profile links in your Instagram bio. (Yeah, you couldn't do that before, in case you didn't notice.)
Now when you type an @ sign or a hashtag followed by text in your bio, it'll appear as a live link on your profile. By clicking them, visitors can get to other profiles, or see other posts with the same hashtag.
When you mention someone else in your profile, they'll receive a notification, and can choose to remove the link from your profile.
It's a way to "make your profile the home for the things that matter most to you," according to the company's blog post.