In a mixing bowl, mix sugar, softened butter, unsweetened applesauce, and eggs. Using a mixer or hand-mixer, beat until smooth. Scrape the sides of the bowl and ensure everything is fully mixed.
Add the mashed bananas to the wet ingredients. Fully mix.
Add the dry ingredients to a separate bowl and stir to combine.
Add the dry ingredients to the wet ingredients. Beat for a short while until combined.
Fold in the nuts.
Grease the 7 inch pan. Add the mixture to the pan.
Cover the top of the pan with foil to prevent water from getting into the bread.
Add a cup of water to the pot. Place the trivet inside the pot. (This comes with the device).
Create a foil handle to remove the pan from the Instant Pot. Fold a large piece of foil in half the long way. This will be used to wrap around the 7 inch pan to make it easier to lift out of the Instant Pot.
Place the foil handle in the Instant Pot. Place the pan in the middle of the pot over the foil handle.
Set the Instant Pot on manual, 50 minutes.
After the Instant Pot alerts that 50 minutes have passed, allow the steam to settle without quick release for 10 minutes.
Unfold the foil handle and remove it from the Instant Pot. Place the pan on a baking rack to cool. Allow it to cool to room temperature.