Pat the catfish dry. Rub with the paprika, garlic powder, salt, and lemon juice, and refrigerate while you prepare the sprouts.
Set the Instant Pot to Sauté. Melt the 1 tablespoon butter and cook the garlic for 30 seconds, until fragrant.
Add the sprouts, broth, onion powder, salt, and pepper, and stir. Cancel Sauté. Scrape the bottom to release any stuck bits, which prevents a burn warning.
Lock the lid, set the valve to Sealing, and cook on High Pressure for 0 minutes. For softer sprouts, set 1 minute. Quick release as soon as the cycle ends.
Open the lid. The sprouts should be bright green and tender when pierced, not gray. Stir in the cream and cheddar until smooth and melted.
Lay the catfish fillets in a single layer on top of the sprouts, not pressed down. Lock the lid and cook on Low Pressure for 2 minutes. Let the pressure release naturally for 3 minutes, then quick release.
Open the lid. The fish should look opaque and flake easily, with a thermometer reading 63°C (145°F). If it is underdone, replace the lid and let it sit on Keep Warm for 2 to 3 minutes.
While the fish rests, melt the remaining butter in a skillet over medium heat. Add the panko and toast for 2 to 3 minutes, stirring, until golden brown and fragrant.
Spoon the sprouts and sauce into bowls, top with a fillet, and sprinkle with the buttered panko and parsley.