In a medium mixing bowl, combine softened cream cheese, 1 cup each mozzarella and ricotta, Italian seasoning, garlic powder, and red pepper flakes.
Chop about 1 -1/2 cups of pepperoni and add it into the cream cheese mixture.
Pour mixture into a 1-quart baking dish that will fit in the Instant Pot. Spread mixture evenly and add pizza sauce on top, spreading to cover the top. Sprinkle with remaining 1 cup of mozzarella, top with pepperoni and parmesan. Cover baking dish tightly with foil.
Pour 1 cup of water into the bottom of the Instant Pot, then place the trivet in the bottom. Fold a large piece of foil into thirds and make a sling to lower your baking dish into the Instant Pot. Lower the baking dish on the trivet, fold the ends of your sling over the top of the dish.
Lock the lid and set to "Pressure Cook" on "High" for 15 minutes. Once the Instant Pot is pressurized the float valve will go up. The display will count down from 15 to 0, and once it's done cooking it will automatically go into "Keep Warm" mode and display "L0:00"
Do a "Quick Release" of the steam by placing a folded towel over the steam release handle and move it to the "Venting" position. Remove the towel after turning the knob. When your Instant Pot is depressurized, the float valve will be in the down position.
Press "Cancel" when cooking is completed, and open your Instant Pot. Using the folded foil strips and potholders, carefully remove the baking dish.
Pre-heat your oven to broil on high and remove foil from baking dish, then broil the dip until the pepperoni is crisp and the cheese is golden.
Serve with sliced and toasted baguette and enjoy!
Serving Size 14