Press Saute on the Instant Pot and once the pot is hot add the butter.
Once butter melts, add pancetta and onions and stir until onions are translucent (about 4 minutes).
Add chicken broth to the pot and scrape the bottom with a wooden spoon to deglaze the pot.
Add cabbage and the bay leaf and stir. Loosely cover the top of the cabbage mixture in the pot with a 7x7-inch sheet of parchment paper with the corners folding down to fit in the pot.
Close & lock the lid. Flip the steam release handle to the Sealing position. Select Pressure Cook (Manual) on High Pressure and set the cook time for 4 minutes.
Once cook time is complete, Carefully Quick release all the pressure.
Turn off the Instant Pot, open the lid and remove the parchment paper. Press Saute and bring to a boil.
Once boiling, add nutmeg, sea salt, black pepper, parsley, and heavy cream. Stir and simmer for 4 to 5 minutes.
Remove the bay leaf and discard. Spoon into serving bowls and serve.
Notes
*all nutritional data are estimates based on the products I used*Yield:4 servings, Serving Size: ¾ cup, Amounts per serving- Net Carbs per Serving: 5g