Rinse the navy beans in a colander and sort though for any tiny rocks or dirt clods. Yep, they are in there sometimes.
Chop up the bacon into about ¼" pieces and saute in a skillet, or in the Instant Pot on the saute setting.
8 oz bacon
After the bacon is cooked until soft, but not crisp, add the minced garlic, diced onion, and diced carrots. Saute for 3 to 5 minutes until partially softened. Add the tomato paste, bay leaf, and thyme.
1 medium onion, 1 carrot, 2 cloves garlic, 2 tbs tomato paste, 1 bay leaf, ½ teaspoon thyme
Add the beans, vegetable or chicken stock, liquid smoke, and water.
4 cups stock, 3 water, ¼ teaspoon liquid smoke, 1 lb navy beans
Lock the lid in place and pressure and cook time to Manual for 40 minutes on High, or if your Instant Pot is pre programmed, set to the BEANS setting.
When the cook time is up, allow for a natural release for 10 to 15 minutes, then manually release remaining pressure. Unlock the lid.
Using a immersion blender to break up the whole beans until it has the texture you prefer, usually about 10 to 15 seconds.
Stir in the Half & Half and season with salt and pepper. Serve immediately.
1 cup Half & Half, salt, pepper