In a large bowl, toss wings in ranch seasoning until well coated. Pour 1 cup water into an Instant Pot® and place a steamer basket in the pot, then place wings in basket.
Place the lid on the Instant Pot® and click into place to close. Press the Pressure Cook button and adjust the timer to 10 Minutes. When the timer beeps, quick-release the pressure until float valve drops. Unlock lid. When done, wings should have an internal temperature of at least 165°F. Remove wings from the basket and set aside. Pour out water.
Press the Cancel button, then the Sauté button. Add hot sauce and butter to the pot. In a small bowl, whisk 2 tbsp water and cornstarch until smooth, then whisk mixture into hot sauce mixture. Place wings in the pot and continue sautéing and tossing with tongs 5 Minutes until wings are well coated and dark red. The sauce will thicken as it cooks. Line a large baking sheet with aluminum foil and place wings on prepared sheet. Broil on the top rack of the oven 5 Minutes until sauce begins to brown at the edges. Serve warm.