I was well into the skeptics corner when the boss bought one of these, but I've mostly come around to the "deserves a place on the counter" crowd.
It's super useful for a few things. First you can cook rice in short order which is pretty nice. We used to have a rice cooker and this has pretty much retired that. We also use it a lot for cooking dry beans which are both a lot cheaper and imho a lot better than the canned variety. We also cook a lot of "extra" bones down into stock with it, although we're about as likely to use the stovetop+oven for that as imho pressure cooking doesn't do quite as good of a job of pulling out the gelatins. We do have a couple of "traditional" pressure cookers but loml likes the instant pot better because of the safety features plus you can set & forget with the timer as opposed to tweaking the stovetop temperature to hit the "right" pressure. It does NOT go as high as either of our other pressure cookers but for most things that's fine.
What really sold me though was the serious eats french onion soup recipe. Now I know a lot of you have had the watery sad stuff that passes as french onion soup most places and this is decidedly not that. This is a super rich broth with luscious caramelized onion notes layered into what is essentially a bread pudding. Finishing it in the oven with individually topped bowls with some decent cheese cooked until just brown and bubbly really tops it off. Super good! Unfortunately this clashes with the keto theory (sorry guys!) maybe for a cheat day.
https://www.seriouseats.com/recipes/2016/01/pressure-cooker-french-onion-soup-recipe.html