Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Add butter and cook bacon and onion for 1 to 3 minutes. Add sausage and ground beef. Cook and stir to break up meat until crumbly and browned throughout, 5 to 7 minutes more.

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Add water, tomatoes, Worcestershire sauce, and mustard. Add cream, Cheddar cheese, and cream cheese. Stir until cheese is melted, about 5 minutes more. Add steak seasoning, garlic, and savory; stir to combine.