Spray a 6-7 inch Instant Pot Bundt fluted pan (3 ½ inch high sides) with flour-added baking spray or grease with shortening.
Combine the flour, sugar, cocoa, baking soda, baking powder and salt in a mixing bowl and stir very well to combine. Add the egg, oil, milk and vanilla and stir just until blended.
Add the bourbon and beat with the mixer for about 30 seconds, scraping side of the bowl. Stir in the chocolate chips. Pour the batter into the prepared Bundt pan. It should come around half way up the sides. Note: I have not been covering the pot with foil for this cake. If condesation collects on the surface, I just dab it off with a paper towel.
Put the trivet in the Instant Pot. Boil 1 ½ cup of water in the microwave and pour it into the Instant Pot. Set the cake on the trivet. Cover the Instant Pot, set the valve to the middle position and set the timer to 33 minutes. Allow a 33 minute cook time and a 15 minute release. Remove top (the smell of the cake will be interesting at this point - very strong cocoa).
Carefully remove Bundt from the Instant Pot. You can do this by using the handles of the trivet, or just using oven mitts and lifting the pan out.
Allow the cake to cool for about 20 minutes, then carefully turn from the pan.
To make the ganache, heat the cream in a microwave-safe bowl or 2 cup measure until it just starts to boil. Add the chopped chocolate and stir until smooth. Let cool so that it thickens slightly, then pour over the cake.