You'll never know this classic sweet bread came out of a multicooker instead of your oven. A couple of little tricks give it that fresh-baked taste -- brown butter lends a nutty aroma and crunchy turbinado sugar melts into the dough and provides caramel-like flavor.
Lightly spray a 6-cup bundt pan with cooking spray and set aside.
Tear off a piece of aluminum foil about 2 feet long and arrange the foil in front of you with one of the longer sides closest to you. Fold it toward you (the long way) in half once, then fold once again to create a foil sling for the bundt pan. Set aside.
Turn a 6-quart Instant Pot® to saute (see Cook's Note) and allow to heat up for 5 minutes. Add the butter and cook, stirring frequently, until browned bits start to form at the bottom of the pot and the butter smells nutty, 3 to 4 minutes. Turn off the heat, carefully remove the pot and pour the brown butter into a medium bowl. Return the pot and immediately pour in 1 cup water. Place the rack into the pot with the handles facing up.
Combine the turbinado sugar and cinnamon in a medium bowl and stir to combine. Sprinkle 1 tablespoon of the mixture in the bottom of the prepared bundt pan. In 3 separate batches, roll a third of the biscuit pieces in the brown butter, then in the cinnamon sugar, so that each piece is completely coated. Arrange the pieces in the bundt pan. Wrap the top of the pan tightly with foil.
Put the pan in the center of the foil sling, then pick up both sides of the sling, bringing them up the sides of the pan. Carefully lower the pan onto the rack. Fold down the foil sling as needed so that it fits in the pot. Follow the manufacturer's guide for locking the lid and preparing to cook. Set to pressure cook on high for 25 minutes.
After the pressure-cook cycle is complete, follow the manufacturer's guide for natural release. After 10 minutes, being careful of any remaining steam, unlock and remove the lid. Carefully use the foil sling to lift out the pan and set it over a cooling rack. Remove the aluminum foil and allow to cool for 10 minutes.
Meanwhile, combine the confectioners' sugar and 1 tablespoon water in a small bowl, then whisk until smooth. After the monkey bread has cooled slightly, carefully invert it onto a plate or platter, then drizzle with the glaze. Serve immediately.
Settings may vary on your Instant Pot® depending on the model. Please refer to the manufacturer's guide.
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