Mince the dates and put in a bowl. Add hot water, bourbon, and baking soda. Mix using a spatula and set aside.
In another bowl, combine the butter and milk. Heat until the butter melts.
Add sugar, baking powder, cinnamon powder, salt, and nutmeg. Mix with a wooden spoon.
Add a beaten egg and the bourbon mixture; blend with a spatula until mixture is homogenous.
Distribute mixture evenly in 4 ceramic molds, pre-greased with canola oil cooking spray. You can use the 7 oz (207 ml) round Corning Ware French White ramekin.
Add 1½ cups water to the Instant Pot® and insert the metal rack. Then put the molds in and cover each with aluminum foil.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing. Press Steam and set time to 20 Minutes.
Once the time is up, press Cancel and turn the steam release handle to Venting.
Remove the molds and let cool. Then unmold the toffee and serve with liquid caramel and powdered sugar.