In strainer, rinse dry beans well. Place in container or large bowl and cover with cold water, until water is 2 inches above beans.Cover container and let beans soak for 12 hours or overnight. After soaking, drain beans from liquid.
Place soaked navy beans in pressure cooker with the 8 cups water. Close lid on Instant Pot and cook for 20 minutes on high pressure.
Let pressure release naturally for 20 minutes, then do a release of any remaining pressure. Remove beans from Instant Pot and drain off any excess liquid in a colander.
Turn Instant Pot to Saute and let heat up until pressure cooker reads, HOT.
Add in chopped bacon if using, if not using bacon add in 1/2 tablespoon canola oil. Add in chopped onion and cook for 2-3 minutes, or until bacon begins to brown and the onion begins to soften. Turn the Instant Pot OFF.
Add in apple juice and scrape up any browned bits on bottom of Inner Pot. Add in tomato sauce, seasonings, vinegar, molasses, and maple syrup and stir well. Stir in cooked beans.
Place lid on pressure cooker and be sure vent knob is sealed. Cook on high pressure for 30 minutes. Let pressure release naturally for at least 15 minutes.
OPTIONAL: If you would like your baked beans to have a thicker sauce, you can saute beans after they have cooked. Simply turn on Saute and stir well for 10-15 minute or until sauce reaches your desired thickness.