Yes! Shape the meatloaf so it will fit in the Instant Pot (a thick round shape). Place the rack inside the Instant Pot and pour in 1 cup water. Make a foil sling for the meatloaf that is wide enough to hold the meatloaf and long enough to pull the foil edges up and out of the Instant Pot when it is finished cooking. Place the meatloaf on the foil and place it on the rack inside the Instant Pot. Make sure the foil is completely tucked inside and not hanging out. Glaze the meatloaf. Secure the lid and cook on high pressure for 35 minutes. Quick release the pressure and then carefully lift the meatloaf (using the ends of the foil sling) up and out of the pot. Let it rest for 10 minutes or so before slicing and serving.