Add water and set up the pot. Pour 1 cup of water into the Instant Pot and place the trivet inside. Set a steamer basket on top of the trivet, then add the potatoes to the basket. Place the eggs on top of the potatoes.

Pressure cook. Lock the lid and cook on high pressure for 4 minutes. When the cook time is done, quickly release the pressure. Wait until the cooker has fully depressurized before opening the lid.

Cool the eggs. While the potatoes and eggs cook, prepare an ice bath. Transfer the eggs to the ice bath as soon as they come out of the pot. This stops the cooking and makes them easier to peel.

Drain and cool the potatoes. Pour the cooked potatoes into a colander and let them drain well. Set them aside to cool slightly.

Make the dressing. In a large bowl, combine the mayonnaise, sweet salad cubes, mustard, salt, and pepper. Stir until smooth and well mixed.

Chop the eggs and mix. Peel the cooled eggs and roughly chop them. Add them to the bowl with the dressing, then gently fold in the potatoes until everything is evenly coated.

Chill and serve. Transfer the potato salad to a serving dish, sprinkle with paprika, and refrigerate for at least 2 hours before serving. Overnight is even better.