Turn Instant Pot on Saute and when the display says HOT melt bacon fat then sauté onion, carrots, and garlic about 5 minutes.
Add remaining ingredients to Instant Pot and cover with lid.
Set the Instant pot to Manual/Pressure Cooking mode. Cook for 15 minutes on high pressure. Then let the pressure release naturally for 10 minutes, followed by manual pressure release.
Remove ham hock from Instant Pot then remove ham from bone, discarding the bone.