Using shortening or butter grease your 6-cup Bundt can really well getting down into the little ridges.
In a large Ziploc bag place ½ cup of white sugar and 2 teaspoons cinnamon, squish to mix.
Open one can of biscuits and cut each biscuit into four pieces. Drop the pieces into the Ziploc bag. Shake the pieces around to coat the biscuit pieces. Set aside. Place these biscuits in the bottom of your prepared pan.
Open the next can of biscuits, cut each biscuit into four pieces and place in the Ziploc bag and shake around. Remove from bag and set aside.
Melt the ½ cup butter in a microwave-safe small bowl. Dump any leftover sugar from the Ziploc bag into the bowl. Stir in the brown sugar, ¼ cup white sugar and vanilla.
Pour half of the melted butter/sugar mixture over the first layer of biscuit pieces.
Next add the rest of the sugar-coated biscuit pieces and pour the remaining sugar/butter mixture over the biscuits.
Cover the Bundt pan loosely with foil making sort of a tent/puff in the middle yet pinch the edges around the pan.
Place 1 ½ cups of water in the bottom of your Instant Pot pan.
Place your Bundt pan on the trivet that came with your Instant Pot. Using the handles of the trivet lower the pan into the Instant Pot. (if you want longer handles you can make a foil sling)
Place the Instant Pot lid on and lock the lid. Then set the vent to SEAL.
Use the manual setting and high pressure. Set the time for 25 minutes.
At the end of the 25 minutes let the Instant Pot sit and natural release for 10 minutes (meaning don’t quick release the vent yet).
At the end of 10 minutes place a towel over the vent and release any steam that may remain. Open the Instant Pot lid and carefully remove the Bundt pan using a towel as it will still be hot lifting it by the trivet handles or foil sling.
Remove the foil from the Bundt pan being careful of any hot water that may be standing on the foil. There also may be cinnamon/sugar liquid that will drip out. Let the pan sit for 5 minutes.
Place a plate on top of the Bundt pan and quickly invert the monkey bread onto the plate.
Now prepare the powdered sugar icing. In a small bowl place the ½ cup of powdered sugar. Using a whisk stir the whisk around the powdered sugar to remove any lumps. Then whisk in 1 tablespoon of milk (add more if necessary) and whisk until smooth, drizzle consistency. Drizzle over the monkey bread.