Place the pinto beans, 8 cups of water, and salt in the Instant Pot. Lock the lid into place and set on Pressure Cook High for 25 minutes.
After 25 minutes, turn the Instant Pot off and perform a Quick Release. Once the steam valve button drops it is safe to open the Instant Pot. Pour the cooked beans into a large colander and drain.
Set the Instant Pot on Sauté. Add the bacon. Stir and brown for about 5 minutes. Once the bacon is crispy, add in the chopped onions, bell pepper, and garlic. Cook another 3-4 minutes to soften the vegetables.
Then pour in the beans, barbecue sauce, mustard, tomato paste, brown sugar, liquid smoke, cinnamon, and remaining 1 ¼ cups water. Stir well to coat the beans. Lock the lid into place again. Set on Pressure Cook High for 10 minutes.
Once finished, perform a second Quick Release. Once the valve button drops, open the Instant Pot, stir and serve!