Advertisers on Instagram are able to create Branded Content ads without creators needing to post organically first. With the introduction of the new workflow, advertisers will request ad creation access from creators. After the request has been approved by the creator, they will be notified to approve or decline branded ads that appear from the advertiser.
Also, in Stories, branded Content ads are now to have tappable elements including mentions, hashtags and locations. Product Tags in Branded Content Ads will also begin testing as well.
Unfortunately, any creator who has banded content posts with product tags can’t be promoted by brands as ads.
Source – Search Engine Land