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Fill your Instant Pot with 1 cup of water and place the metal trivet inside. (I use the one that came with my machine.)
Place the eggs on top of the trivet, then secure the lid onto the pot. Make sure you turn the vent at the top to the "sealing" position. Press the Manual or Pressure Cook button, then cook at high pressure for 5 minutes. (Or use just 3 or 4 minutes for a runnier yolk; see notes.)
For hard-cooked egg yolks, let the pressure naturally release for 5 minutes after the cooking process is complete. When the screen on the Instant Pot reads LO:05, move the steam release valve to "venting" to quickly release the remaining pressure. Make sure your hand isn't over the top of the vent so you don't get burned by the steam. For softer egg yolks, perform a quick release, which means you'll release the pressure as soon as the cooking cycle is complete.
When the floating valve next to the steam release valve has dropped, it's safe to remove the lid. Use tongs or a spoon to carefully remove the hot eggs. Place the eggs in a bowl of ice water to stop the cooking process. Let them cool for 5 minutes before peeling and serving.
Hard boiled eggs can be stored in the fridge for up to one week.