Place the dried pinto beans into the with 8 cups of water. Secure the lid and set the Instant Pot to pressure cook on high for 25 minutes. Once the beans are done cooking, allow for a 10-minute natural release, and then manually release the remaining pressure.
Drain the beans reserving 2 cups of the bean water and set both aside.
Set the Instant Pot to Sauté on high for 15 minutes and add the diced bacon and salted butter, sautéing for about 5 minutes.
Add the diced onions and garlic stirring to combine thoroughly.
Continue sautéing the mixture until the bacon begins to crisp up, the onions soften, and the garlic is fragrant.
Pour in the reserved bean water and deglaze the bottom of the pot.
Add all of the remaining ingredients and stir them all together.
Place the beans back into the Instant Pot with the baked beans sauce and stir until the beans are completely covered.
Secure the lid to the Instant Pot and set it to pressure cook on high for 10 minutes. Once the cooking process is complete, allow for a 5-minute natural release, then manually release any remaining pressure. (See Notes)