Onions are mostly water (about 90%). Before caramelization can occur, much of this water must evaporate so that the onions can reach a temperature where sugar browning reactions occur.
Rice cooker function automates the long process of cooking off the water in the onions. Once the contents of the rice cooker reach > 212 °F, the rice cooker finishes and the onions are ready to start the caramelization process.
Baking soda raises pH, which lowers the activation energy for Maillard reactions, so onions brown faster. This also turns the onions into a mushy jam consistency.