In a medium bowl combine Meatball Mixture ingredients. Using wet hands to prevent sticking, form into 18 meatballs.
Add olive oil to the Instant Pot. Using the display panel select the SAUTE function.
When oil gets hot, brown the meatballs on 3 sides, 2-3 minutes per side. Meat will not be cooked through. Do not crowd the pot--you may have to work in batches. Transfer browned meatballs to a shallow dish and cover loosely with foil.
Add broth to the pot and deglaze by using a wooden spoon to scrape the brown bits from the bottom of the pot. Stir in the 1/2 cup hot sauce.
Put the meatballs back into the pot, turning once to coat.
Turn the pot off by selecting CANCEL, then secure the lid, making sure the vent is closed.
Using the display panel select the MANUAL function*. Use the +/- keys and program the Instant Pot for 5 minutes.
When the time is up, quick-release the remaining pressure.
Serve hot, garnished with ranch or blue cheese dressing, blue cheese crumbles and/or thinly sliced green onions.