Coat the bottom and sides of a 7 cup Pyrex dish or fluted tube pan, such as a Bundt pan, with cooking spray. Place all of the jarred ingredients into the baking dish.
In a separate jar, whisk the eggs and heavy cream. Pour this mixture into the pan, press down on the bread to submerge it beneath the egg mixture, and stir gently to disperse the ingredients. Cover the pan with aluminum foil.
Pour 1 cup of water into the Instant Pot and place the trivet into the pot. Use a foil sling (if needed) to place the baking dish on top of the trivet.
Cover the Instant Pot with the lid and ensure the vent is in the “Sealed” position. Pressure Cook on High for 20 minutes. Allow the steam pressure to release naturally for 10 minutes, then release any remaining pressure manually.