Pour 1 cup water into Instant Pot. Add trivet.
Grease a (6-cup) bundt pan and set aside.
In a large bowl, whisk together the flour, cornmeal, sugar, baking powder, and salt.
Make a well in center of dry ingredients and pour in the egg, milk, and vegetable oil.
Fold dry ingredients into wet ingredients until just combined.
Add in corn and mix until evenly distributed.
Pour cornbread batter into bundt pan. Cover pan with a paper towel and then tightly with foil.
Create a foil sling and carefully lower bundt pan into Instant Pot®.
Close lid and set pressure release to sealing.
Press manual or pressure cook button and set to 25 minutes.
Allow pressure to naturally release for 10 minutes. Quick release remaining pressure.
Let cool on a wire rack before serving.