Oil a springform pan that will fit inside your electric pressure cooker (such as Instant Pot(R)). Cover the bottom and sides of the pan tightly with a single sheet of aluminum foil to prevent water from entering.
Blend cream cheese in a bowl using an electric mixer until completely smooth. Add sugar substitute, lemon zest, and vanilla extract; blend until just incorporated. Add eggs 1 at a time, mixing until just combined. Pour batter into the prepared pan.
Place the rack inside your Instant Pot(R). Add 1 inch of water to the pot. Lower the filled springform pan carefully onto the rack.
Lock the lid into place. Bring to high pressure according to manufacturer's instructions; cook for 20 minutes.
Release pressure through natural-release method, about 20 minutes. Remove cheesecake carefully. Remove foil and gently blot off any water that may have splashed onto the cheesecake. Cover with plastic wrap; refrigerate until set, 4 hours to overnight.