In a large mixing bowl combine the ground beef, bread crumbs, eggs, salt, pepper, garlic, and garlic powder. Gently mix with your hands until evenly combined. Use a portion scoop to scoop 1 oz. meatballs. Roll into balls and place on a sheet pan, you will get about 25 meatballs. Freeze for 20-30 minutes until hard.*
Add the chilled meatballs into the base of the instant pot along with the grape jelly and chili sauce. Stir to combine. Secure the lid onto the pressure cooker. Turn on, select "Pressure Cook" setting, set to "high pressure" for 25-30 minutes, and start.
Once the timer has expired and the meatballs have finished cooking, allow the pressure to release naturally. Serve with extra sauce. Leftover meatballs will keep in an airtight container in the fridge for 3-4 days.
Notes
*Alternatively you could use store-bought frozen meatballs. I freeze the meatballs before placing in the pressure cooker so they don't fall apart.*Cooking time may need to be adjusted by the size of the meatballs, they should reach an internal temperature of 155 degrees F. before serving.