Pour water into pot and place trivet inside. Pour frozen meatballs inside and close lid. Close steam valve as well.
Set to pressure high for 6 minutes followed by a quick release.
Take meatballs out and drain water. Put meatballs back into pot.
In a separate bowl whisk together soy sauce, brown sugar, minced garlic and ginger as well as your hoisin sauce. Pour this into your pot over your meatballs. Add bell peppers if you're adding those.
Set pot to saute. Gently stir together so sauce coats veggies and meatballs. Allow to slowly simmer so sauce thickens and bell peppers slightly soften. Serve with a sprinkle of sesame seeds on top!