I and MANY other people that I know from the forums have been recently getting on the popular page. They aren't even people that I follow. I have 8 likes on a photo and I noticed that I made it on the popular page. I've seen a few of @"Living"'s photos (LOL.. LivingTheGod) on the popular page.
It's a mix of people Instagram thinks you should follow (due to location - edit: I think location might be a factor) or mutual followers + actual popular pictures. The page refreshes so quickly now, it's not special to be on that page. Instagram used to be like every 30 or 60 or 90 minute pop. page refreshes but not anymore. I noticed this a while ago when it was showing me people I sorta knew but wasn't following.
They are using it as more of a recommended / popular page now, they will mix in post they recommend based on who you follow and what tags you use (idk the algorithm they use). But this will help smaller pages grow a lot more and the big pages will still get their pop page also