How to Make It
Place a metal rack in bottom of a programmable pressure multicooker (such as Instant Pot); pour water into pot. Grease a 6-cup Bundt pan with baking spray.
Heat butter in a small saucepan over medium-high until melted. Add brown sugar and vanilla; bring to a boil, stirring constantly, until brown sugar is dissolved.
Stir together granulated sugar and cinnamon in a large bowl. Add biscuit pieces; toss to coat.
Pour half of the brown sugar-butter mixture in bottom of prepared Bundt pan. Evenly place coated biscuit pieces in Bundt pan. Drizzle remaining brown sugar-butter mixture over biscuit pieces. Place Bundt pan on rack in Instant Pot.
Cover cooker with lid, and lock in place. Turn steam release handle to SEALING position. Select MANUAL/PRESSURE COOK setting. Select HIGH pressure for 25 minutes.
Let the pressure release naturally (this will take 3 to 5 minutes). Carefully turn steam release handle to VENTING position, and let steam fully escape (float valve will drop). (This will take about 2 minutes.) Remove lid from cooker.
Remove Bundt from pot, and let cool on a wire rack 5 minutes (any longer and the bread will begin to stick to pan). Invert bread onto a serving plate.