In a large bowl, combine ground chicken, breadcrumbs, egg, hot sauce, Ranch seasoning, garlic powder, salt, and pepper.
Mix until just combined and using a small scoop, form into 1 to 1 ½-inch meatballs.
PRESS the SAUTE mode button on the Instant Pot. When HOT appears on the display, add butter.
Arrange the meatballs in a single layer and cook meatballs for about 2 to 3 minutes per side, until lightly browned. Do not overcrowd and cook in batches as needed. Remove from pan and keep warm.
Add the Buffalo sauce ingredients: 2 tablespoons butter, 1 cup hot sauce, 1 teaspoon garlic powder, and Worcestershire sauce. Mix well.
Add the meatballs.
Close and lock the lid and set the valve on the SEALING position. Pressure cook on HIGH for 8 minutes.
When finished, do a NATURAL RELEASE for 5 minutes, and then quickly release any remaining pressure.
Remove the meatballs and transfer to a serving platter. Keep warm.
Turn the Saute function back on for 2 to 4 minutes to reduce the sauce to your preference. Pour the sauce over the meatballs.
Pour the sauce over the meatballs, drizzle with Ranch dressing, and garnish with the freshly chopped parsley. Serve immediately.