Spray a Bundt pan with cooking spray and set aside.
In a medium bowl, whisk together flour, baking powder, and salt.
Cut 115g butter into small cubes and add to the dry ingredients. Use a fork to mix in the butter until dry ingredients are crumbly and about the size of peas.
Slowly pour in the milk, mixing until a dough forms.
Use clean hands to knead the dough about 10 minutes until smooth.
Pour the dough onto a lightly floured surface and pat into a (10 inch) round. Cut dough up into (1 inch) pieces and set aside.
Combine the Italian seasoning, chilli powder, garlic powder, and Parmesan in a large bowl and mix well.
Add the dough into the bowl of spices and gently knead until each piece of dough is coated in spice mixture.
Remove dough pieces and arrange evenly in the greased Bundt pan.
Melt the remaining butter and pour on top of the dough.
Pour the water into the Instant Pot and add the trivet.
Cover Bundt pan with a paper towel and foil. Crimp edges to discourage water from getting inside pan, then create a foil sling and carefully lower Bundt pan into the Instant Pot.
Secure the lid and select Pressure Cook and set the time for 21 minutes.
When the cooking program finishes, allow the pressure to release naturally for 5 minutes and then quick release remaining pressure. Unlock lid and remove it.
Remove Bundt pan using foil sling. Remove foil and paper towel from the top of pan and let cool on a rack 5 minutes.
Serve with pizza sauce for dipping.