Pour 1 cup of water into the inner pot of the Instant Pot and place the steamer rack inside.
Arrange the eggs on top of the steamer rack, put on the lid, and make sure the steam release handle is set to the "Sealing" position.
Hit the "manual" button, set it to low pressure, and set the time for 5 minutes. It will start cooking when the float valve is in the up position meaning it is pressurized. While the eggs cook, fill a bowl with ice and water.
The Instant Pot will beep when it's done. Carefully release the steam valve by moving the steam handle to the "Venting" position until the float valve is in the down position.
Using tongs or a large spoon, transfer the eggs to the bowl of ice water. Wait about 5 minutes and then you can peel, season with salt and pepper, and eat.
They are easiest to peel if you crack them on the ends instead of on the sides.