Peel and dice potatoes. Place on steamer basket or on rack in instant pot. Gently place eggs (still in shells) on top.

Add 1 1/2 cups water to the Instant Pot. Lock the lid, set the pressure to cook on high for 4 minutes. When time is up, do a quick pressure release.

Place the eggs in cold water to cool. Set the potatoes in a bowl and cool separately.

Whisk together the ranch dressing mix, mayonnaise, and water.

When potatoes are cold, add the onions, celery, and bacon bits. You can add chopped up egg to the mixture or save them to place on top.

Mix the ranch dressing into the rest of the ingredients. Top with sliced egg and a pinch of paprika.

Chill together for at least an hour to let the flavors blend together.