Coat the inside of a 7 inch springform pan with nonstick spray, then line bottom and sides with parchment paper. Wrap the bottom of the pan with aluminum foil.
In a food processor or blender, grind 1/4 cup red hot candies to a powder. Add graham crackers and process again to a fine crumb.
In a small bowl, combine graham cracker mixture and melted butter until uniform. Press evenly into the bottom of the springform pan (use the back of a measuring cup as a press). Place in the freezer for 10 minutes.
Meanwhile, in a medium bowl, use a hand mixer to beat cream cheese and brown sugar for one minute. Add yogurt and, vanilla and beat for one minute. Add eggs and beat just until combined. Do not overmix.
Fold in 1/2 cup red hot candies. Pour batter evenly into pan. Tap the pan on the counter several times to force any bubbles to the surface. Pop bubbles with a toothpick or fork.
Pour one cup of water in the Instant Pot and insert the steam rack. Carefully lower the springform pan on to the steam rack.
Secure the lid, making sure the vent is closed.
Using the display panel select the MANUAL or PRESSURE COOK function*. Use the +/- keys and program the Instant Pot for 35 minutes.
When the time is up, let the pressure naturally release for 10 minutes, then quick-release the remaining pressure.
Carefully remove the pan from the pot to a wire rack. Use a paper towel to soak up any water on top of the cheesecake.
Allow to cool to room temperature, then remove the sides of the springform. Parchment will have wrinkled during cooking. Peel it back and re-wrap it around the cheesecake, smoothing the sides as you go. Cover and refrigerate at least 4 hours or overnight.
Unwrap the cheesecake, remove pan bottom and parchment. Place cheesecake on a serving plate.
In a small bowl, heat candy melts and coconut oil in the microwave in 15 second increments until melted and smooth. Smooth over the cake, using the back of a spoon to push the coating to the edges so it drips down the sides.
Quickly garnish with additional red hots.
*The MANUAL and PRESSURE COOK buttons are interchangeable.