Does owning a camera make you a photographer?
Does owning a pencil and paper make you a writer?
Photography has been an elitist's game since Talbot in the 1840's. Every once in a while, something comes along to wear that notion down by offering photography to a broader audience - Daguerre in the 1850's, Kodak around 1900, Polaroid in the 1950's, digital photography in the 1990's, and now smartphones and apps.
The art form of photography is not being destroyed, I think it is changing shape and growing! But don't look to instagram as the death of photography, the same way you wouldn't look at texting and emailing as the death of writing.
*Similarly, the guitar hero video game is not the death of music. Twerking is not the death of ballet and dancing.