Turn on the pressure cooker and select sauté. Once hot add the oil & the onion and cook a few minutes until soft. Add garlic and cook an additional minute.
Turn off the pressure cooker. Pour in the water and deglaze the bottom of the pressure cooker by scraping all the bits off with a wooden spoon.
Add the dried white beans, bacon, onion, garlic, ketchup, molasses, dry mustard, garlic powder, salt, and pepper to the Instant Pot. Stir to mix well.
Close lid and seal valve. Cook high pressure for 60 minutes.
When cooking time is complete, natural release pressure for 15 minutes then quick release any remaining pressure. Stir & serve.