In a gallon-sized resealable bag, mix together 2 Tablespoons cornstarch with salt and pepper.
Add in chicken pieces to bag, seal, and shake until chicken is completely coated with cornstarch (if you need to add more cornstarch to make sure all chicken is covered, feel free).
Plug in your Instant Pot and push "saute" button. Add in 1 1/2 Tablespoons of sesame oil to the Instant Pot and let it heat up.
Once the oil is hot, add in the coated chicken pieces. Saute for 3-4 minutes or until all sides of the chicken start to turn golden-brown.
Before adding in the sauce, you may want to "deglaze" the bottom of your Instant Pot - using a wooden spatula, just scrape off any burned bits on the bottom of the Instant Pot (you may have to add a Tablespoon or two of water to help scrape it off). This will help keep you from getting the "burn" notice.
In a small bowl, mix together soy sauce, ketchup, red pepper flakes. Pour over chicken pieces. Stir gently so that all the chicken pieces are covered in sauce.
Add in 1/2 cup chicken broth (or water), pouring liquid down the side of the Instant Pot and not directly on the chicken so that you don't wash the sauce/flavor off of the chicken.
Place lid on Instant Pot and seal. Make sure that your valve is in the "seal" position and not the "vent" position.
Push the PRESSURE COOK (or MANUAL) button and then set for 3 minutes.
The Instant Pot will take about 10 minutes to pressurize and then it will start the 3 minute cooking time.
Once the 3 minutes are up, do a QUICK RELEASE (move the valve from "seal" to "vent") and let all the pressure out. Once the steam has stopped coming out of the vent, remove the lid.
Add in the remaining sesame oil and honey and mix in with the chicken.
In another small bowl, mix together 3 Tablespoons water with the remaining 1 Tablespoon cornstarch. Pour in with the chicken, and gently stir to cover chicken. Push the SAUTE button again and let the sauce thicken (should only take 2-3 minutes).
Serve over rice and top with sesame seeds.