Add the beans and water to the Instant Pot, lock the lid into place and cook on manual high pressure for 25 minutes.

Carefully quick-release the steam valve.

When the steam has completely released, pour the cooked beans into a colander and drain off any excess water.

Set the Instant Pot to saute and add the chopped bacon.

Stir and cook for 5-8 minutes or until the bacon is cooked and crispy.

Add the onions and continue cooking for 3-4 minutes or until the onions are softened.

Add the beans back into the pot with the remaining ingredients (garlic powder, onion powder, barbecue sauce, brown sugar, mustard and liquid smoke).

Place lid on the pot and cook on manual high pressure for another 10 minutes.

Carefully quick-release the steam valve again.

Remove the lid, stir and serve immediately.

Store any leftovers in the refrigerator in an airtight container.