Combine all the ingredients for the peaches. Pour ½ cup water in the bottom of the Instant Pot, turn it on to sauté, and boil the water. Add the peaches and let it cook.
In the meantime, for the topping, mix the flour, sugar, baking powder, and salt together. Cut in the butter with a pastry cutter until pea size. Stir in the buttermilk.
Drop spoonfuls of the topping onto the peach mixture, close the lid, select manual pressure high and set the time for 20 minutes. Natural pressure release and serve. Best served with vanilla ice cream.