Add 1 cup of water to the Instant Pot and place a trivet inside. Add a steamer basket on top of the trivet, placing the potato chunks in the basket. Set the eggs on top of the potatoes.
Close the lid and set the Instant Pot to cook on high pressure for 4 minutes. Once done, quickly release the pressure.
While waiting, prepare an ice bath. Once the pressure is released, transfer the eggs to the ice bath to cool for easy peeling.
Pour the cooked potatoes into a colander and let them drain completely. Allow them to cool slightly before mixing.
In a large bowl, combine the mayonnaise, sweet salad cubes, mustard, salt, and pepper. Stir until well mixed.
Peel the cooled eggs and roughly chop them using an egg slicer or a knife. Add them to the bowl with the dressing. Gently fold in the cooled potatoes until everything is well combined.
Transfer the potato salad to a serving dish, sprinkle with paprika for garnish, and refrigerate for at least 2 hours (or overnight) before serving.