Instant pot wasn't just a craze. You can take a 6 hour chili and get it done in 90 minutes.
That said, while they're not one trick ponies, they're not as good at most of their other tricks as regular cookware. That said, you need to sear meat and cook a stew in one it, it's completely reasonable.
Sousvide is amazing, as long as you like rare-medium meat and corn. If you're going to cook it to medium well, sousvide is a waste of your time.
Mine is kind of bitchy, when searing meat first it always tends to set off the burn alarm or whatever halfway through the pressure cook part. Apparently leaving the fond at the bottom to be released during the rest of the cooking isn't possible.
BURN gets triggered when the sensor sees the pot temperature ramp over boiling temp faster than pressure would allow. It's caused by the bottom of the pot being too dense, there being a lack of water in the pot, or a loose lid seal.
In your case, it's probably the fond letting it overheat. Have a plate next to it. When the meat is seared, pull the meat out and deglaze the bottom of the pot with water or wine and a wooden spatula. return the meat into the juices and continue with your recipe.
I love the instant pot especially for two things: Cooking beans and making broth.
I get a nicer texture from beans done in the instant pot than I do cooking them any other way. And I can knock out a big pot of chicken stock in like an hour. If you want it to be totally clear you have to let the pressure release naturally, but I don't care if it's cloudy because I'm just gonna turn it into something opaque anyway usually so I do a quick release so it's done faster.
I also used it to cook in summer before I got an induction burner, because my apartment's shitty electric stove dumps heat everywhere.