4 hours ago, Anna N said:I do think that is the issue. To me caramelized onions have given up most of their moisture, which concentrates the flavour wonderfully.
I noticed that Martha Stewart's version of Instant Pot caramelized onions, she used the pressure cooker function on high for only 5 minutes, then drains the onions to reduce the liquid and returns them to the pot on Sauté for another 5 minutes. In her example, 2 lbs of onions are equal to 8 cups sliced and give a final yield of 2.5 cups cooked. That still sounds a bit wet, compared to @blue_dolphin's ratios.
This is the Martha Stewart link.
https://www.marthastewart.com/1540713/instant-pot-caramelized-onions
