In a medium bowl, combine beef, breadcrumbs, egg, garlic, salt, and pepper until combined. Shape meat into 2-in meatballs and line on a baking sheet.
Heat olive oil in instant pot using SAUTE mode. Working in batches, brown meatballs 3-4 minutes, turning occasionally until golden.
Return all meatballs to instant pot and stir in red wine and crushed tomatoes. Lock lid in place and cook meatballs on high pressure 12 minutes, then let release pressure naturally 5 minutes.
Remove lid and stir heavy cream and basil into meatballs. Season with salt and pepper to taste. Serve meatballs and marinara sauce warm over noodles. Enjoy!