Coat a large piece of aluminum foil with cooking spray and set aside. In a large bowl, combine the ground beef, crackers, egg, milk, 1/2 cup ketchup, onion, salt, pepper and garlic powder. Mix together with your hands until combined.
Place the mixture into the center of the prepared foil and form into a circle that is approximately 6 inches in diameter. Wrap the foil up and around the edges so no juices can escape.
Pour 1 1/2 cups of water into Instant Pot. Place the foil-wrapped meatloaf on trivet and lower into the pot.
Place the cover on the pot and set timer to 25 minutes on high pressure (pressure cook setting). It will take the IP around 11 minutes to build up pressure before it begins cooking.
Approximately 15 minutes before the meatloaf is done cooking, make the sauce. In a small saucepan, combine 3/4 cup ketchup, brown sugar, apricot preserves and Worcestershire sauce. Cook over medium-low heat, stirring occasionally, for 10 minutes or until meatloaf is done cooking.
When the meatloaf is done, let the pressure release naturally on the pot for 5 minutes then do a quick release and allow the float valve to drop.
Carefully remove the meatloaf from the pot by pulling up the trivet. Pour sauce over the top and let sit for 10 minutes before slicing and serving.