The Android app shows this…
if you select “Not Interested”. However I can’t see the complete text for most of them. No problem, I’ll just change the display to Rotate, except the Instagram app doesn’t rotate on my phone for some reason. No problem I’ll use the desktop app so I can see the options on my wide desktop screen, except apparently Instagram on the desktop browser doesn’t give you the “Not Interested” option.
Often I simply choose “I see too many reels like this”. Whereby I’m frequently shown a similar reel the very next swipe or soon after. In Googling I saw many comments that said it don’t work.