Spray the rack of the instant pot with a non-stick cooking spray.
Form the meatballs and place them on the rack in the instant pot. This typically will hold about 12 meatballs.
Pour the water over the meatballs.
In a small saucepan, combine the sauce ingredients on medium-high heat. Whisk until the sugar is completely dissolved.
Pour about 1/2 of the sauce into a small bowl, use a brush to brush onto the meatballs. Reserve the remaining sauce for the next batch. Reserve the sauce that is left in the saucepan to add to the meatballs after they are done.
Seal the vent on the Instant Pot and cook on high manual pressure for 12 minutes.
Quickly release the steam.
Carefully remove the meatballs. Serve with the additional sauce that is in the saucepan.