Turn your Instant Pot on the “sauté” function and allow to warm up. Add the bacon pieces and sauté until brown. Remove from the pot with a slotted spoon and place on a paper towel. If there is a large amount of grease in the bottom go ahead and pour that off.
Next, add in the butter, onion, and minced garlic and sauté until the onions are translucent.
Make sure to stir constantly to keep any food from burning to the bottom, if this happens you will get the “BURN” notice when you start to pressure cook.
Add in the flour and stir to combine and let that thicken for 2-3 minutes.
Add the potatoes, water, seasonings, bullion, and corn to the pot and mix well to combine.
Place the lid on the pot and make sure the valve is in the sealing position and set to high pressure for 5 minutes.
Once the timer beeps, allow the pot to naturally release for about 5 minutes then manually release any remaining steam.
Add the cheddar cheese to the chowder and mix well until completely melted.
Add in the reserved bacon and stir.
Serve with your favorite toppings and enjoy!