Lightly grease a 7-inch springform pan with nonstick spray.
In a bowl, mix the graham cracker crumbs with melted butter until evenly combined.
Press mixture firmly into the bottom and slightly up the sides of the pan. Freeze while making filling.
In a large bowl, beat egg yolks on medium-high speed until pale yellow and thickened, about 2 to 3 minutes.
Add sweetened condensed milk and mix until smooth.
Add key lime juice and zest. Mix until fully combined.
Pour filling over prepared crust.
Cover pan tightly with aluminum foil.
Make a foil sling by folding a long strip of foil lengthwise into thirds.
Pour 1 cup water into the Instant Pot and place trivet inside.
Lower pan into the pot using the foil sling. Close lid and set valve to sealing.
Cook on High Pressure for 15 minutes.
Allow natural pressure release for 10 minutes, then carefully quick release remaining pressure.
Remove pie from Instant Pot. Uncover and cool at room temperature until no longer hot. Center should still jiggle slightly.
Refrigerate 3 to 4 hours, or until fully set.
For topping, whip heavy cream with powdered sugar until stiff peaks form. Pipe or spoon onto chilled pie. Garnish with lime zest.
Slice and serve chilled.