Check if your stainless steel insert it in your Instant Pot and the lid has the silicone ring in place.
Place beans into the Instant Pot. Add onion, bacon and water. Stir.
Close the lid, set valve to sealing position (the newer models do this on their own). Set timer to 33 minutes. Make sure the IP is set to cook at HIGH pressure. The IP will beep and will start coming to pressure, which will take 10 to 12 minutes.
Once the timer is done, press “cancel/off” button and let the pressure release naturally. It’s recommended for cooking beans.
Once the pressure pin is done, open the lid carefully away from your face. Drain beans from liquid. Place back in the Instant Pot.
Press “saute” setting.
Add ketchup, BBQ sauce, brown sugar and soy sauce. Stir well.
Simmer until bubbly. Cook for 5 minutes, stirring often.
Turn off the Instant Pot. Let the beans sit for 15 minutes or so. The mixture will thicken while it cools.