In a mixing bowl combine eggs, sugar, vanilla, and milk; mix well.
Pour into a lightly buttered (or sprayed with nonstick cooking spray) 1 or 1 ½ quart baking or souffle dish, or large ramekins which will fit in the instant pot, and sprinkle with the nutmeg. Loosely cover the ramekins with aluminum foil. Add 1 to 1 ½ cups of water to the inner pot and place a trivet or ring of aluminum foil in the instant pot.
Close the lid on the Instant Pot and turn the valve to sealed. Cook on the manual high setting for 7 minutes. When time is up perform a quick release or pressure.
Top with your favorite topping such as caramel and enjoy!