What if you're using the instant pot for something else (like beans, or maybe the entire rest of your dish) while you're cooking rice? A rice cooker is the best single use device because 1) you're probably having rice with 25-100% of your meals, and 2) set-it-and-forget-it; you can completely ignore it until you're ready to eat.
You can solve this placing a trivet in the pot with your rice in a bowl on top. I do this when im in a hurry and need to rustle up ruce and lentils on the double. Lentils, stock, trivet, bowl, rice, water, done.
It takes up counter/kitchen space, and if you leave rice in it too long, it go bad and disgusting (so don't do that). It makes rice, and for me, I cook chicken and vegetables in it, just put it on top of the rice, for single pot meals. It comes down to how often you eat rice. It makes it way easier, since you set it and forget it (just don't forget too long).
Importantly though, they've had decades to refine the design, so the cheap one from Walmart does just fine, no need to buy a $100 Japanese one if you're exploring if you even want a rice cooker.
