Place shrimp in a large bowl and set aside.
Heat olive oil in a multi-functional pressure cooker (such as Instant Pot®) on Saute function. Add shallot and saute, stirring, for 1 1/2 minutes. Mix in garlic, lemon zest, red pepper flakes, salt, and pepper. Cook and stir until garlic is fragrant, about 1 1/2 minutes. Add the shallot mixture to the shrimp, stir in lemon juice, and refrigerate.
Clean inner pot, return to the Instant Pot®, and select Saute function. Melt butter and stir in orzo. Keep stirring until all the orzo is coated with butter, about 1 1/2 minutes. Add shrimp stock and white wine; stir to combine. Bring to a boil. Close and lock the lid.
Select high pressure according to manufacturer’s instructions; set timer for 4 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer’s instructions, about 5 minutes. Unlock and remove the lid. Place the prepared shrimp in a single layer on top of the orzo.
Close and lock the lid. Select high pressure and set timer for 1 minute. Allow 5 to 10 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer’s instructions, about 5 minutes. Serve warm with fresh parsley and lemon slices for garnish.
If you get a burn notice when cooking the shrimp, cancel cooking, release pressure manually, and when the valve drops, open the lid and gently stir contents. Replace the lid and allow the residual heat to continue cooking the shrimp until it is pink, about 6 minutes.
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