Pour ¾- 1 cup of water into Instant Pot® and add a trivet or a steamer basket. Place the chicken into the trivet or steamer basket. Make sure the wings are not touching the water!
Close the lid and make sure the pressure release valve is in the SEAL position. Select PRESSURE COOK and set HIGH. Set time to 5 minutes for fresh wings or 12-15 minutes for frozen. Select START/STOP to begin.
When the cooking cycle is done and beeps, let the pressure release naturally for 10 minutes then turn the PRESSURE RELEASE valve to the VENT position. If the wings are below the minimum safe internal temperature of 165 °F, return to the instant pot and pressure cook the wings for an additional 2 minutes with quick release.
Crisp the Chicken: Transfer wings into a large bowl and pour half the Korean BBQ sauce over the chicken wings and gently toss. Arrange the wings on the wire rack one above center position inside the broiler. Cook until crisp, about 4-6 minutes, turning pan once halfway through.
Remove from the oven, pour in the remaining sauce, and chili peppers before serving, toss to coat. Serve with sesame seeds or Furikake.