Prepare the Beans: Rinse the dried navy beans under cold water to remove any debris. Add the beans to the Instant Pot with 4 cups of water (or broth for extra flavor).
Sauté the Bacon and Onions: Set the Instant Pot to Sauté mode. Add the diced bacon and cook for 5-7 minutes until crispy. Add the diced onion and minced garlic, cooking for an additional 3-4 minutes until the onions soften.
Add Ingredients: Stir in the molasses, brown sugar, apple cider vinegar, Dijon mustard, salt, black pepper, and smoked paprika (if using).
Pressure Cook: Close the Instant Pot lid and set the valve to sealing. Cook on high pressure for 45 minutes. Once done, allow for a 15-minute natural pressure release, then carefully release the remaining pressure.
Final Touches: Check the consistency of the beans. If the sauce is too thick, add a little more water or broth and stir. For a thicker sauce, simmer the beans without the lid for a few minutes.