Peel and chop the onion then add it to the bowl of the Instant Pot® along with the olive oil. Press the ‘Saute’ button and stir the onion and oil. Let the onions saute for about 5 minutes, stirring occasionally, until they begin to brown
Add all of the remaining ingredients to the Instant Pot® bowl and stir everything together. Place the lid on the Instant Pot® and turn the steamer valve to the ‘seal’ position.
Press the ‘manual’ button and set the timer for 60 minutes, cooking on high pressure. When the cooking time is complete, let the Instant Pot® naturally release the pressure. This means just let the pot sit, no need to do anything! The pressure should be completely released in 10-15 minutes. Open the pot and serve the beans while hot!