Place water in Instant Pot and insert steamer basket. Layer brussel sprouts in the steamer basket.
Secure the lid with the steam vent in the sealed position. Press manual and set on high pressure for 2 minutes.
Once timer sounds, press keep warm and allow IP to release pressure naturally for 10 minutes. Do a quick release if needed and remove lid.
Carefully remove brussel sprouts from steamer basket, setting the brussel sprouts aside. Pour out and discard the water that remains in the pot.
Add ghee to IP and press saute. Once its melted, add garlic, thyme and saute for 1 minute. Add brussels back to pot along with the salt and saute until they start to turn golden brown, about 4 minutes. Add crumbled bacon and give everything a stir, then saute for 1 minute to warm the bacon. Press keep warm/cancel.