The instant pot's value is the automation. Yes, you can achieve the same results with a stovetop pressure cooker or even a regular pan/pot. You will be spending more of your time on it because if you don't pay attention, adjust the heat, turn it off after 20 minutes, etc. you will end up with a mess or worse on your stove. Regular induction cooktops and ovens are starting to get similar features where they can be set on a timer, sense the temperature of the food, etc. It may not seem like much, but it's very important because it saves people time and makes more of the manual housework optional.
They'll have been done well before that. An hour is a long time in a pressure cooker.
With kids, I sometimes do things in the instant pot I could probably do quicker outside, I'm happier leaving it on the counter rather than leaving a burner on.
I often use my instant pot instead of a pot on the stove because I don't have much counter space next to my stove. It's much more convenient to chop stuff up on my big counter and toss it into the instant pot that's right there instead of going back and forth between the counter and the stove.
I put the potatoes in a paper bowl and then set another paper bowl inverted over the top of that. It traps just the right amount of escaping steam to effectively do the same thing.
