Never put all the eggs in one basket, make sure to make money money using other methods.
Definitely, it is already being achieved by people.
As others have said, you need a very active community of followers and a product/service that they want.
I wouldnt rely solely on IG though. Try to use IG as a traffic source that leads to something you own (website, email list etc). That way, when IG roles out an update you wont get fkd completely.