Trying to to use IG to boost overall SEO isn't going to be worth the time/effort (sorta depends on niche too), it helps don't get me wrong but, in the end it is only one social signal that is pushing traffic to your website (also, traffic alone doesn't boost SEO) you need a good amount of social signals. From my experience with the influencers I work with twitter is much more effective in this regard because of its indexing and ability to put links in the content.
Even if your IG WAS pushing a ton of traffic to your site it would only increase your SEO for that specific page, and it would be marginal at best. The problem is the drop off between how many followers engage the IG post and how many actually click the link in the bio (people are MUCH too lazy to type in a URL manually by the way - so putting them in each post is not worth the effort either).
All that being said, with the amount of effort it goes into trying to boost SEO itself you could have already made $x,xxx or even $xx,xxx with affiliate programs alone if you have an IG with that type of engagement.
hope that helps...