Dice bacon and set Instant Pot to sauté. Sauté the bacon until crispy. Remove onto a paper towel to catch grease. Set aside.
Cube the potatoes and place into Instant Pot. Submerge in water, place eggs on top.
Seal the lid and pressure valve and cook on high for 8 minutes. Let naturally release pressure for 10 minutes.
Drain potatoes with a strainer, and place in the fridge to cool for 30 minutes.
Peel and dice the eggs.
In a mixing bowl, add the mayonnaise, sour cream, spices, bacon, cheese, eggs and onion. Mix well.
Stir in sauce with the cooled potatoes.
Refrigerate for at least 4 hours, before serving.