In a large mixing bowl, combine the first 7 ingredients, and mix well with your hands
Press meat evenly into 7-inch round baking dish, and cover with aluminum foil
Add 2 cups water to inner Instant Pot, and place trivet in pot
Place meatloaf on trivet, place lid on Instant Pot, set valve to Sealing position, and hit PRESSURE COOK for 40 minutes
Pot will take a few minutes to come to pressure, then cook for 40 minutes. When pot beeps, do a quick release by turning valve to Venting position ( you can use the handle of a wooden spoon for this)
When pin drops, open lid, and, wearing oven mitts, carefully lift trivet out of pressure cooker by the handles, and place on counter. Carefully remove foil. Internal temperature of meat should read 160 degrees, according to meat thermometer
Drain any grease in pan, and top meatloaf with 1 tablespoon BBQ sauce and cheddar cheese. Broil, or place in 350 degree oven until cheese melts