Cut cinnamon rolls in fourths. Toss the cinnamon roll pieces in the dry instant pudding. Spray a 6 cup bundt pan with cooking spray. Layer butter and rolls in the pan starting and ending with the butter.
Place trivet in bottom of the pressure cooker with 1 1/2 cups water. Make an aluminum foil sling to hold the bundt pan to make it easy to remove the bundt pan after cooking. Place bundt pan uncovered into the Instant Pot. Cook on high pressure for 22-25 minutes. Use quick release when cooking time is up.
Remove from Instant Pot. Let cool in pan 5-10 minutes. Invert onto a plate. Drizzle the cinnamon roll frosting over the top. Serve warm.