Mix all ingredients (except spaghetti sauce) together by hand until well combined.
Form small meatballs, slightly smaller than a golf ball, using your hands or a scoop.
Spray the Instant Pot with cooking spray and pour in the spaghetti sauce.
Place the meatballs in the sauce, layering if needed, without squishing them.
Seal the Instant Pot, set to high pressure for 7 minutes, and let it slow release for 5 minutes before quick releasing the pressure.
Cook and drain noodles as directed on the package.
Toss the noodles with the sauce and form “nests” by twirling them in a serving ladle.
Add mozzarella and olive "eyes" to the meatballs, then place them on the spaghetti. Garnish with green olives if desired.