Traditional shrimp and grits is loaded with fat, but this version cuts the fat and calories, and uses the flavor of sweet, earthy smoked paprika to replace fatty bacon.
Select Sauté. Add the olive oil and 1 tablespoon of the butter to the inner pot.
Add the shrimp and garlic to the pot and Sauté for 2 minutes. Add the roasted red pepper and season with the paprika, kosher salt, thyme, red pepper flakes, and lemon juice. Sauté for an additional 3–5 minutes, or until the shrimp is opaque, and then select Cancel to turn off the heat.
Transfer the shrimp and sauce to a large bowl. Cover with aluminum foil and set aside.
Add the grits and the remaining butter to the pot, and then stir in the water.
Cover, lock the lid, and flip the steam release handle to the sealing position. Pressure Cook on High for 10 minutes. When the cook time is complete, allow the pressure to release naturally for 10 minutes and then quick-release the remaining pressure.
Remove the lid. Add the cheese and stir until the cheese is melted and the grits are creamy.
Transfer to serving bowls and top each serving with the shrimp and sauce, and then garnish with the scallions. Serve hot.