Sauté your bacon in the Instant Pot until cooked. You can cut the bacon into small pieces before or after you cook it. Remove from the pot once cooked.
Add your olive oil, onions and mushrooms to the Instant Pot. Sauté until brown.
Add the baked beans to your pot, followed by the cocktail sausages and bacon pieces.
Add your water to the pot and stir the mixture around before sealing the lid.
Pressure cook on manual for 4 minutes. Quick release once finished.
Your cowboy casserole is now ready to serve. Enjoy.
Notes
Don't Stir Too Much: Avoid stirring excessively once all ingredients are in the pot to prevent them from sticking or becoming mushy.