Drain the soaked beans and add to your instant pot along with the onion, garlic, water, ketchup, brown sugar, apple cider vinegar, mustard, paprika, and salt. Mix everything together.
Seal and pressure cook for 40 minutes. Once done, allow it to sit for at least 20 minutes before carefully releasing the pressure.
Stir in the liquid smoke. Taste and add more salt and black pepper to taste.