Press the SAUTE button on your Instant Pot. Add honey, ketchup, sugar, vinegar, soy sauce and salt and pepper to the pot and mix together. Bring sauce to a boil while stirring and simmer for a few minutes until sauce slightly thickens.
Add 1/2 cup of water and stir.
Pour in your frozen popcorn chicken. Toss the chicken in the sauce so that all the chicken is covered.
Put your lid on the pot and put the VALVE on sealing (not venting).
Press the CANCEL button to turn off the saute, then press MANUAL (or PRESSURE COOK) and set timer for 7 minutes.
Once the chicken is done cooking, do a QUICK RELEASE of the pressure.
Stir chicken with the sauce and then serve hot over rice.