It appears Instagram is testing turning all normal Instagram videos into Reels.
However, it is unclear if this will mean that all videos will have a 90 second limit. If it does that will be will severely limiting for creators and their creativity on the platform. This may also be quite unpopular with users of the platform.
On the other hand, moves like this are expected from a multi-billion dollar company such as Meta since their main concern is of course profit not user experience (unless user experience starts effecting their ability to increase their profit margins).
Anyway, overall it appears that the world of video is going more towards short form video every day. This can be bad in my opinion because it is harder to convey an accurate point with short form video.
This is especially the case with news content where there can be a lot of detail to the story that needs to be conveyed.
Source: https://mashable.com/article/instagram-video-reels-tiktok