Set Instant Pot to sauté, medium heat.
Add bacon and cook until crisp, then remove.
While cooking, whisk the eggs, cream, salt, and pepper together.
Reserving approximately 1 tablespoon of the bacon fat, add the chopped onion and sugar.
Stir frequently until onions are caramelized, remove the onions and give the inner liner a quick rinse and scrub.
Return the liner, add about 3 cups of water, and set to pressure Cook, high, 20 minutes.
Coat the inside of a 7 cup Pyrex bowl with butter -a similar dish will work as well.
Layer as follows, using half the ingredients for each layer -except for the Swiss which has 3 layers
Slowly pour egg mixture over the layered ingredients, and then top with cheese.
Using the included wire basket, carefully lower the strata into the Instant Pot. At this point the water should come up to about the half-way point in the cooking dish.
Seal the lid and press start. Let the Instant Pot naturally release for 10 minutes, then press to vent.
Carefully remove once the pressure is reduced and serve.