Turn Instant Pot on SAUTE mode. Once hot, add the bacon and cook for 2 minutes, flip and continue cooking. Add the onion and stir, cooking for about 2 minutes. Pour in the broth and water. Add the garlic powder, salt, chili powder, cumin, coriander, paprika, black pepper, cayenne pepper, and pinto beans.
Place lid on, and turn Instant Pot on MANUAL mode with high pressure selected for 47 minutes.**