Just like TikTok, Reels will let users create short videos which can be shared and remixed. Users can also include music from Instagram Music's ever-expanding music library.
Reels will be initially available to Brazil users, but expect Instagram to roll this out to more countries like how they did with the hide-likes feature.
Facebook has been known to blatantly rip off the competition as when they launched Instagram Stories to counter Snapchat, and now we've got Reels ripping off TikTok. So much for "competition".