Arrange the bacon pieces in the bottom of a cold Instant Pot insert. Using Normal Saute, fry the bacon until crisp - in batches if necessary. Cool the bacon on paper towels and chop into small pieces.
Reserve the bacon fat and strain through a fine-mesh strainer. Measure the fat - it should be 3 Tablespoons. Clean the Instant Pot insert. Use some of the bacon fat to lightly grease your casserole dish or individual ramekins.
Add 3 Tablespoons bacon fat with 1 Tablespoon back to the Instant Pot (or a combination of fats to make up 4 Tablespoons total) with the chopped onion. Seal the Instant Pot and cook on Manual Low/Less Pressure for 4 minutes. When the time is up, do a quick release. Strain the onions and discard the remaining liquid.
Using the glass lid, bring 4 cups of water to a boil in the Instant Pot with Saute - More setting.
When the water is boiling rapidly, pour in 1 cup of cornmeal and whisk quickly.
Seal the Instant Pot with the lid for pressure cooking, and set to Manual - High Pressure for 9 minutes.
Preheat the oven to 325°F.
Meanwhile, beat the eggs and combine with ½ cup light cream, 1 teaspoon salt, 1 teaspoon pepper, and 1 teaspoon sugar.
When the Instant Pot time is up, do a quick release and quickly whisk the cornmeal mixture. If it seems to watery, whisk for a minute or two.
Remove one cup of the cornmeal mixture and quickly whisk that into the egg mixture. Add this back into the main cornmeal mixture and whisk again.
Add one teaspoon of baking powder, the cooked onions and the crumbled bacon. Whisk some more.
Pour into a large casserole dish or individual ramekins.
Bake for an hour at 325°F (only 35 to 40 minutes for ramekins). Cool before serving.