Add beans, water and salt to the pot and stir. Place the cover on the pot and set timer to 25 minutes on high pressure (pressure cook setting). It will take the IP around 18 minutes to build up pressure before it begins cooking.
When cooking is done, let the pressure release naturally for 5 minutes, then do a quick release. Remove cover and drain the beans.
Set instant pot to saute and add the bacon. Stir until bacon is cooked through; drain grease. Add the onion, garlic powder, salt and pepper to the pot add cook for 3 minutes or until soft and fragrant. Add the beef broth, brown sugar, tomato paste, mustard, Worcestershire sauce and beans to the pot.
Place the cover on the pot and set timer to 5 minutes on high pressure (pressure cook setting). It will take the IP around 5 minutes to build up pressure before it begins cooking.
When cooking is done, do an immediate quick release. Remove cover and serve immediately.