Heat the Instant Pot using the Saute-Normal function. Season the chicken thighs lightly with salt and pepper.
Add the olive oil to the Instant Pot. Once it is hot and fragrant, add the chicken thighs, skin side down. Allow the chicken thighs to cook for 3-5 minutes, or until the skin has started to crisp and turn golden brown. The chicken should release easily from the pan – if you have to pull, it’s not ready to flip yet.
Flip the chicken thighs over and cook for an additional minute.
In a small bowl, combine the soy sauce, water, garlic, 1 teaspoon cornstarch, ginger, sesame oil, and sriracha. Pour the sauce over the chicken.
Attach the lid and ensure the valve is in the sealing position. Set the Instant Pot to Pressure Cook-Manual-High Pressure for 10 minutes.
Once the Instant Pot has finished cooking, release the steam manually by switching the valve to the “venting” position.
Note: Be careful! The vent will steam and may splatter.
Remove the chicken thighs and turn the Instant Pot to the Saute-Normal function.
Combine 2 teaspoons of the cooking liquid with the remaining 1 teaspoon of cornstarch. Add the slurry to the Instant Pot and whisk it to ensure no lumps of cornstarch remain. Cook 3-5 minutes, or until the sauce has thickened enough to coat the back of a spoon. Whisk in the honey and turn off the heat.
Return the chicken thighs to the pot and coat them generously with sauce.
Serve the chicken thighs with rice and additional sauce, if desired. Garnish with sesame seeds and green onions, if desired.
Store any leftover chicken in an airtight container in the refrigerator.