Put your Instant Pot on "Saute" and then add in the bacon and onion. Cook together for around 4 minutes.
Add in the garlic and then cook for another minute.
Toss all of the bacon juice out of the Instant Pot, just leave in 1 tablespoon.
Add in the rest of your ingredients and then put the lid on the Instant Pot. Seal the valve.
Cook on "Manual" high pressure for around 10 minutes.
Once the time is up, quick release the pressure.
Grab a food processor or immersion blender and blend up the ingredients to your desired consistency.
A thicker sauce will require about 4 minutes longer cook time on "Saute" which will help reduce some of the liquids.
You can now spoon the bacon jam into a jar and it will keep for 2 weeks in the refrigerator.