Set Instant Pot to Saute and add Bacon, crisp and remove to paper towel lined plate to drain.
Use bacon grease to saute peppers and onions for 7-8 minutes until lightly browned.
Degrease pan with tequila, then add tomatoes and chicken stock. Cancel the Saute setting.
Mix grits with heavy whipping cream, salt and pepper to taste. (You can add 1 tsp of Old Bay to the mix if you like more spice.)
Place trivet onto the top of cooked vegetables. Add bundt pan and pour your grits into the pan. Place lid on Instant Pot and cook for 10 minutes and High Pressure Manual.
While the grits and vegetables cook, remove tails on shrimp and toss in 2 tbsp of Old Bay seasoning.
When cooking process is done quick release the steam. Use tongs to remove the bundt pan and trivet.
Place 4 tbsp of butter on top of grits to melt. Then stir in shrimp to the hot vegetable mixture.
Once butter has melted on grits stir and serve into bowls. Top with a ladle full of shrimp and vegetables.
Garnish with crispy bacon and Jalapeno slices.