ADD 1 cup water to INSTANT POT. Place trivet in pot.
MIX first 8 ingredients in large bowl just until blended. Add half the bread crumbs and 2 tbsp barbecue sauce; mix lightly. Gently mix in remaining bread crumbs.
SHAPE meat mixture into 40 meatballs>/sa>. (1/2 inch- 1 inch)
PLACE half the meatballs in single layer on trivet; cover with second layer of meatballs. Close and lock lid. Turn Pressure Release Valve to Sealing position.
COOK 7 min using MANUAL/HIGH PRESSURE COOK setting. When timer goes off, use Natural Pressure Release for 5 min., then do a Quick Pressure Release to release any remaining steam. Remove lid.
USE tongs to transfer meatballs to serving bowl; cover to keep warm. Remove trivet from INSTANT POT. Discard meat juices from pot. Rinse liner, then return liner to pot.
ADD beef broth and remaining barbecue sauce to pot; stir. Cook using SAUTÉ setting 3 min. or until heated through, stirring frequently. Pour over meatballs; stir to evenly coat meatballs with sauce.