Cook the Beans: Add the rinsed pinto beans and broth (or water) to the Instant Pot. Secure the lid, set the valve to sealing, and select Manual/Pressure Cook on High for 25 minutes. Once complete, let the pressure release naturally for 25 minutes, then do a quick release. Turn off Keep Warm mode.
Drain and Rinse: Carefully remove the inner pot and drain the beans in a colander. Rinse with cool water and set aside. Return the inner pot to the Instant Pot (no need to clean it).
Sauté the Bacon: Set the Instant Pot to Sauté (More/High setting) and melt the butter. Add diced bacon and cook, stirring occasionally, until crispy (about 10 minutes). Transfer the bacon to a paper towel-lined bowl, reserving the grease in the pot.
Cook the Onion: Add the diced onion to the bacon grease, stirring occasionally. Cook for 5 minutes, until softened. Stir in Worcestershire sauce and scrape up any browned bits.
Make the Sauce: Mix in molasses, maple syrup, ketchup, barbecue sauce, brown sugar, tomato paste, Dijon mustard, liquid smoke, mustard powder, and allspice. Stir until well combined. Keep Warm mode should remain on.
Combine Everything: Return the cooked beans and crispy bacon to the Instant Pot, stirring to coat evenly in the sauce. Let it sit on Keep Warm for a few minutes before serving.