Combine all of the ingredients for the meatballs (except the butter). Using a cookie scoop form them into 1 inch balls.
Select the sauté function on your Instant Pot. When it says that it is hot, add the butter and melt it. Once melted, add the meatballs in batches (about three batches) to brown them. Add more butter if necessary to brown all of them. You do not need to cook them all the way through, just brown a little on two sides. After browning them all, remove any residual bits of meatballs.
Add the bbq sauce and the honey. Return the meatballs to the Instant Pot. Make sure they are all covered by the sauce. Lock the lid in place. Select high pressure and 4 minutes cook time. The Instant Pot will beep and then it will begin to build pressure before it the timer starts counting down.
When the cook time is done, turn your Instant Pot off and manually release the pressure by turning it to vent on the top. When the valve drops, gently remove the top. Serve meatballs!