Peel and slice peaches and place in an oven safe bowl. I used a 5 cup Pyrex dish.
In a medium sized bowl, combine ½ of the package of cake mix, cinnamon, nutmeg and butter. Using a fork, blend butter into dry mix until crumbly.
Sprinkle cake mix over top of your peaches. Then place a piece of foil over the top of your bowl to keep dripping water out of your cobbler.
Insert your steam rack into the Instant Pot. Pour in one cup of water.
Place your cobbler dish on top of the steam rack.
Lock lid in place and set manual to 10 minutes. Set the valve to sealing.
Once the timer beeps, allow to set for 10 more minutes. Then release any pressure.
Remove the Instant Pot lid and carefully remove your cobbler. Take the foil off and and if desired, place your cobbler into your oven under the broiler for about 3 minutes to brown the top.
Serve warm. Optional: top with vanilla ice cream.