Pour water into a multi-functional pressure cooker (such as Instant Pot(R)). Set trivet inside and place wings on top. Secure the lid, seal, and select Manual setting. Cook on high pressure according to manufacturer's instructions; set timer for 10 minutes. Allow 10 to 15 minutes for pressure to build.
Mix wing sauce and ranch dressing mix in a large bowl. Line a baking sheet with aluminum foil.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove the lid carefully. Transfer wings to the bowl of sauce using tongs. Toss to coat.
Place a wire baking rack over the foil-lined baking sheet and arrange wings on top.
Set an oven rack about 6 inches from the heat source and preheat the oven's broiler to high. Broil wings for 5 minutes. Flip wings and cook until crispy, about 5 minutes more. Toss with any remaining sauce if desired.