Combine honey, soy sauce, tomato paste, apple cider vinegar and sweet chili sauce in a small bowl and set aside.
Heat the olive oil in the Instant Pot using saute mode until the pot is hot.
Season the pork chops with pepper and add them to the hot pot. Brown the pork chops 1-2 minutes per side and no more. Transfer pork to a clean plate.
Add the minced garlic to the pot, press "Cancel" to turn off saute mode, and cook, stirring, for 30 seconds.
Pour the honey soy sauce mixture from the bowl into the pot and stir, scraping up any browned bits from the bottom of the pot.
Add the pork chops and any juices released back to the Instant Pot. Close the Instant Pot lid and turn the steam release valve to the sealing position.
Set the pressure cook time to 1 minute on high pressure/manual. The Instant Pot will take about 10 minutes to reach pressure and then the cook time will start. When the cook time ends allow the pressure to release naturally for 5 minutes by leaving the Instant Pot alone. Then quick release any remaining pressure by turning the steam release valve to the venting position.
When the pin has dropped down, open the Instant Pot lid. Use an instant read thermometer to check that the internal temperature of the pork has reached at least 145 degrees F. Remove the pork chops to a clean plate. Press "Cancel" to turn the warm setting off.
Combine the 1 tablespoon cornstarch and 1 tablespoon water in a small bowl. Turn saute mode on and stir the cornstarch mixture into the Instant Pot. Cook, stirring, until the sauce thickens. This should only take 1-2 minutes. Press "Cancel" to turn off the Instant Pot and remove the inner pot from the Instant Pot base to immediately stop the cooking process.
Serve pork chops with honey garlic sauce.