Step 1

Select SAUTE setting on a programmable pressure multicooker (such as Instant Pot). Select HIGH temperature setting and allow to preheat. Add bacon to cooker; cook, stirring often, until crisp, about 6 minutes. Transfer bacon to a plate using a slotted spoon. Add leek and bell pepper to drippings in cooker; cook, stirring often, until slightly softened, 4 to 5 minutes. Add corn, potato, butter, salt, and cayenne; stir until butter melts. Add flour; stir to combine. Add water, and stir to combine.

Step 2

Press CANCEL. Cover cooker with lid, and lock in place. Turn steam release handle to SEALING position. Select MANUAL/PRESSURE COOK setting. Select HIGH pressure for 7 minutes. (It will take 5 to 8 minutes for cooker to come up to pressure before cooking begins.)

Step 3

Carefully turn steam release handle to VENTING position and let steam fully escape. (This will take 1 to 2 minutes.) Remove lid from cooker; turn cooker off. Add crab, milk, and parsley to cooker; stir to combine. Allow mixture to stand until crab is warmed, about 5 minutes. Ladle evenly into 10 bowls; sprinkle evenly with bacon.