Press Sauté button on your Instant Pot, and set the time for about 15 minutes. Once heated, add your bacon and cook until bacon is at a nice crispy stage. Remove bacon and set to the side.
Add in diced onion and stir. Cook until softened and slightly translucent. Scrape the bottom of the pot to release the browned bacon bits.
Add in your rice, and stir well.
Add in seasonings, and give it stir well to distribute the flavorings. Press the Cancel button on your Instant Pot.
Then add in your tomato sauce, and lightly stir.
Finally, add in your chicken broth and water. Stir the mixture well so the liquids are combined thoroughly.
Cover with lid, lock in place, and close vent. Press the Rice button and cook for 5 minutes. Once done, allow to NPR for 7 minutes. If you do it longer than 5 minutes, then you might have mushy rice, and NOBODY wants that.
Add bacon to rice and give it a nice stir. Enjoy!