Place the trivet in the Instant Pot, and add the water
Place the corn on the trivet, and add the butter on top of the corn
Cover, turn valve to sealing position, and hit PRESSURE COOK for 2 minutes
Meanwhile, mix mayonnaise and sour cream together, and set aside
When pot beeps, and cook time is over, turn valve to venting position for a quick release
When pin drops, open lid, and remove corn to a large platter
Place corn on hot grill, and rotate to get char marks on all sides
Remove from grill, slather with mayo-sour cream mixture, and top with cotija cheese, smoked paprika and cilantro, if desired, before serving