Step 1

Combine water and beans in a multi-functional pressure cooker (such as an Instant Pot®). Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 15 minutes. Allow 10 to 15 minutes for pressure to build.

Step 2

Release pressure using the natural-release method for 20 minutes; quick-release remaining pressure according to manufacturer's directions. Unlock and remove the lid. Drain and rinse the beans with cold water and set aside. Rinse and wipe out Instant Pot® insert and place back into the pressure cooker.

Step 3

Turn on Instant Pot® and select Saute function. Heat olive oil until shimmering, 2 to 3 minutes. Add salt pork, bacon, and onion and briefly cook until fat begins to render, 1 to 2 minutes. Pour in 1/2 cup water and scrape any brown bits off the bottom. Turn Instant Pot® off.

Step 4

Whisk together ketchup, molasses, brown sugar, mustard, and remaining 1 cup water in a small bowl. Return cooked beans to the pot along with the ketchup mixture. Gently stir to combine. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 35 minutes. Allow 10 to 15 minutes for pressure to build.

Step 5

Release pressure using the natural-release method for 20 minutes; quick-release any remaining pressure according to manufacturer's directions. Unlock and remove the lid. Beans will thicken upon cooling. Serve immediately or freeze portions for later.