Spray pot with cooking spray. Add the corn, cream cheese, butter, milk, salt and pepper to the pot and give it a stir.
Place the cover on the pot and set timer to 3 minutes on high pressure (pressure cook setting). It will take the IP around 22 minutes to build up pressure before it begins cooking.
When cooking is done, do a quick release and allow the float valve to drop.
Transfer the corn to a serving dish and top with green onions and bacon (if using). Serve immediately!
Notes
Use frozen corn or a canned variety for this recipes. For added flavor, cut fresh corn off the cob after it has been cooked. Cook corn on the cob in your Instant Pot first!
To make this a healthier side, cut the amount of cream cheese and butter used in the recipe in half (or more).
Topping the corn with bacon and green onions is optional, but I highly recommend NOT skipping this!