Areeb Mirza explains why bot followers tank your organic reach: Instagram suppresses posts when bots don't engage. If you have 5,000+ bought followers, start fresh instead of trying to fix a compromised account.
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So should you create a new Instagram profile? If you've bought like 5,000 plus Instagram followers in the past, or any type of bot engagement, chances are you should start a new profile. Especially if growing organic is your goal. Because right now, each post you post will need to be boosted, as the bots are not active users. And whenever you do make a post, it will go to the bots, which won't interact with the account, which indicates to Instagram that this is not a good post. And then it just proceeds to not show it to anybody. So let's say you post a reel. It goes to the bots. The bots, of course, won't react to it. And then the Instagram just would kill it right after that, because it's like, okay, we're showing it to your followers, they're not interacting with it, so why should we go ahead and proceed to show it to others? Another scenario is if you want to completely try a different set of content and reels, which is marginally different than your current page and content, you can create a new profile. I would just make sure the two aren't similar to avoid confusion on which page to follow.