Turn on your Instant Pot and select the 'Saute' function. Add 1 tablespoon of butter and kernel corn. Saute for 5 minutes. Once 5 minutes is up, select the 'Cancel' function to turn off your Instant Pot. Carefully remove the corn and set aside. NOTE: This step and ingredient is optional. If you prefer to skip, feel free to start with step 2.
Spray your bundt cake springform pan with nonstick cooking spray and set aside. NOTE: If for some reason you don't have nonstick cooking spray you can also grease the pan with butter or a little vegetable oil.
In a large mixing bowl, add egg, milk and melted butter and whisk together until well combined.
Add sour cream and honey and continue to whisk until well combined.
Add flour, cornmeal, baking soda and salt. Continue to whisk until ingredients are well combined.
Last, add cheddar cheese and corn kernels and mix until well combined.
Pour batter into prepared springform pan.
Add a layer of paper towel and then aluminum foil to the top of the cornbread in the springform pan. NOTE: The paper towel will help to pick up a bit of the moisture from the top of the cooked batter.
Add one cup of water to the bottom of the Instant Pot and lower your springform pan into the pot with a trivet.
Lock the lid in place. Select the 'Pressure Cook' function on high. Cook for 60 minutes.
When timer beeps, allow to naturally release for 10 minutes then quick release all remaining pressure.
Remove the foil and paper towel from the springform pan and allow the cornbread to cool completely. NOTE: It make look as though the cornbread is really moist on the top. As it cools, it will be absorbed into the cornbread.
Slice, serve with additional melted butter and honey and enjoy!