Rinse the pinto beans under cold water, add to the Instant Pot and cover with cold water by 2 inches (about 2 quarts).

Place the lid on the Instant Pot and move the valve to sealing. Press manual pressure on high for 35 minutes. You’ll notice the Instant Pot will start to come to pressure and then the timer will begin. This can take 8-10 minutes.

When the cook time is up, carefully let the pressure release by manually opening the valve (use an oven mitt or towel). Carefully open and remove the lid, then drain the beans into a colander or sieve and rinse well. Set aside.

Set the Instant Pot to the sauté setting on high. Add the olive oil, onions, garlic, and dried basil. Cook until the onions are slightly translucent and garlic is fragrant, 4-5 minutes. Season to taste with salt and pepper.

Add the ketchup, mustard, and tomato paste to the Instant Pot. Stir constantly and cook until well incorporated, around 2 to 3 minutes. Pour the broth into the Instant Pot and use a spoon to scrape up any browned bits stuck to the bottom. Bring the mixture to a boil and cook for 1 to 2 minutes. Turn off the Instant Pot.

Return the cooked beans to the Instant pot along with the honey. Stir to combine.

Place the lid on the Instant Pot and move the valve to sealing. Press manual pressure on high for 15 minutes. When the cook time is up, carefully let the pressure release by manually opening the valve (use an oven mitt or towel). Serve immediately.