Pour water into a multi-functional pressure cooker (such as Instant Pot®). 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.