Combine the broth, salt, pepper, and onion powder together in the inner pot. Add in the corn kernels and heavy cream in that order. Top with the block of cream cheese and dollop with butter. DO NOT stir.
Place the lid on the pressure cooker, seal the vent knob, and set it to cook on high pressure for 3 minutes. Keep in mind it will take a long time to come to pressure if your corn is frozen.
Once the cooking time has elapsed, allow the pressure to release naturally for at least 10 minutes. After 10 minutes, you can do a quick release of the remaining pressure if desired.
Give everything a stir to combine. The creamed corn will appear rather loose but will thicken up as it cools slightly.
Serve with diced green onions if desired.
Notes
Adjusting Serving Size: This recipe must be halved if using a 3-quart. You can opt to cut it in half using a 6-quart Instant Pot, but can not be adjusted if using an 8-quart Instant Pot. Frozen/Thawed Corn: Whether you use frozen corn kernels, thawed frozen corn kernels, or fresh corn kernels the cooking time will remain the same. The time it takes to come to pressure will vary greatly, as it will take a lot longer to come to pressure using frozen corn. Storage: Allow the creamed corn to cool slightly and then transfer to an airtight container. Refrigerate for up to 3 days or freeze in a freezer-safe container for up to 3 months. To reheat, allow the creamed corn to defrost if needed. Reheat over low heat in a large pan on the stove or in 60-second intervals in a heat-safe dish in the microwave, stirring between each interval.