– Set Instant Pot to the Sauté setting on medium heat for 8 minutes. When IP is heated, add oil, bacon, and onions. Cook until lightly browned. Add chili powder to bacon mixture. Stir and cook for one to two minutes more.
– Press Cancel on the IP if it's still on. Add chicken broth, water, and black beans. Stir to combine. Secure lid. Select Pressure Cook and set to Manual or High Pressure for 30 minutes. Turn "keep warm" to Off.
– At the end of the cooking cycle, let the pressure release naturally for 20 minutes. – When the safety valve drops and all steam has been released, it's safe to open the lid. Add chipotle puree, brown sugar, cider vinegar and salt & pepper to taste.