I probably use the Instant Pot at least twice a week. I absolutely love it.
I definitely think you need to play to its strengths. I cook lots of Indian food in it (butter chicken, palak paneer, chana masala, etc.). It's absolutely amazing for that kind of food, along with many other foods where one expects the spices and flavours to intermingle in a very potent way. Other cuisines I have tried are Mexican, Kenyan, Japanese, etc, along with pulled pork, chili, and stuff like that. It works amazingly well.
I have a very strong recommendation to give for anyone looking for instant pot recipes that have a ton of flavor. Look into the books of Urvashi Pitre. They're very simple to follow, and extremely tasty. But, if you don't like spice and heat, you may want to pass..
I started with this one, and then ended up getting three more of her books over the years:
Instant Pot Fast & Easy: 100 Simple and Delicious Recipes for Your Instant Pot eBook : Pitre, Urvashi: Amazon.ca: Books
I love the fact that I can clean essentially the entire mess in the kitchen from prep work while the instant pot cooks the meal.
By the way, it is my understanding that the silicone ring may retain a residual odor from certain meals, but that smell should not affect the flavor of things that are subsequently cooked in the instant pot.
Lastly, I also have an air fryer which I love, but that's a completely different gadget. I don't see the point of comparing the two.