Place the dried beans in a large sauce pan that has a lid. Add water to cover the beans by at least 2 inches.
Heat the beans over high heat and bring to a boil. Remove from heat, stir the beans, and cover for 90 minutes.
Drain and rinse the beans.
Place the bacon in a large skillet over medium heat. Saute until the bacon is crispy. Remove to a paper towel lined plate.
Drain the grease from the skillet and add the ground beef. Saute for 5 minutes over medium high heat. Add the onion and garlic and continue to saute for 5 minutes. Remove from heat.
In the Instant Pot combine the water, ketchup, tomato paste, mustard, vinegar, brown sugar, and molasses. Mix well to combine.
Add the rinsed beans, black beans, bacon, and ground beef to the Instant Pot and mix well to combine. Sprinkle with salt and pepper.
Place the lid on the Instant Pot and cook on high pressure for 1 hour if using dried, soaked beans or for 30 minutes if using canned beans.
After the cooking time is up allow the Instant Pot to release steam naturally for 15 minutes before manually releasing the remaining steam.
Mix the beans well and serve hot.