Press SAUTE on the Instant Pot, and when it reads Hot, add the butter and onions, and cook until slightly soft, stirring frequently.
Add the kielbasa, and cook until lightly browned. Hit Cancel, and stir in chicken broth, and use wooden spoon or spatula to deglaze pot, if necessary
Add potatoes, sea salt, garlic powder and pepper. Place lid on Instant Pot, turn vent to Sealing position, and hit PRESSURE COOK for 4 minutes
Pot will take several minutes to reach pressure, then start counting down and cook for 4 minutes. When pot beeps, do a gradual quick release to prevent liquid from spraying out of pot
When pin drops, remove lid, and stir in cream. Gradually add cheese, and stir well until cheese is melted
Serve immediately, and top with crumbled cooked bacon and extra cheese, if desired