In a mixing bowl, stir in cream cheese, mayonnaise, sour cream, old bay seasoning, juice of 1 lemon, dry mustard, Worcestershire sauce, 1 cup of shredded cheddar cheese, and lump crabmeat. Mix until well combined.
Then, add the mixture into an oven-safe dish (I prefer a round ramekin so it can fit easily into the instant pot). Sprinkle 1/2 cup of the shredded cheddar cheese and 1/2 cup of shredded mozzarella cheese on top.
Lightly cover the dish with foil. (The foil is used to prevent condensed water from dripping into the dip. To prevent the cheese from sticking to the foil, you may need to spray the foil with cooking oil.)
Place a trivet into the instant pot and fill the pot with 1 cup of water. Then, place the oven-safe bowl with crab dip on top of the trivet.
Close the lid to the Instant Pot. Turn the knob to "sealing". Press the "pressure cook" button (newer models) or "manual" button (older models) and set the instant pot to cook on HIGH PRESSURE for 5 minutes. When it is done cooking, QUICK RELEASE the pressure by turning the knob to "venting".
Serve with crackers, baguette slices, or tortilla chips.