Set Instant Pot on Saute and drizzle in the olive oil.
Dice the onion and add to pot when oil is shimmering. Saute for five minutes, or until onions are translucent.
While the onion sautes, wash and tear the collards. Each piece should be about one inch square. They will shrink up while cooking.
When the onions are ready, add the ham, vinegar, sugar, Magic Flavor Dust, and collards.
Stir all together as best you can, then pour the water on top.
Secure the lid on the Instant Pot. Ensure the valve is on Sealing. Select the Manual button, and set to five minutes at High Pressure. Either wait for it the display to read 'on,' or press the start button, depending on your model.
Turn the valve to 'Venting' as soon as the timer goes off. This is called Quick Release.
Remove the lid, stir, taste for salt and pepper, and serve!