In late October the stickers linking Stories were released to all Instagram users, but until then the text of the sticker could not be changed and kept the same URL.
Now the option to edit the clickable text is released:
Whether it's sharing info on social justice or supporting a local biz, everyone should be able to share what matters to them. 📢❤️— Instagram (@instagram) October 27, 2021
We are excited to globally roll out Link Sticker 🔗, which allows you to share links in your story… no matter how big or small your account is. pic.twitter.com/x5QFClbpaT
Therefore, it is now possible for the creator to write more interesting or descriptive text to be clicked on, instead of showing the URL.
An option that is certainly desirable, as it can help make the link more personalized and attractive.