Add Sauce Mixture ingredients to the pot and whisk to combine. Add ribs and toss to coat.
Secure the lid, making sure the vent is closed.
Using the display panel select the MANUAL or PRESSURE COOK function*. Use the +/- keys and program the Instant Pot for 8 minutes.
When the time is up, let the pressure naturally release for 15 minutes, then quick-release the remaining pressure.
Carefully remove the ribs from the pot to a large bowl and cover loosely with foil, reserving juices.
Strain cooking liquid to remove solids (press solids to extract as much flavor as possible). Discard solids.
Use a fat separator or spoon to skim fat from the liquid mixture. Discard fat.
Return braising liquid to the pot. Select the SAUTE function and adjust to MORE or HIGH. Cook, stirring occasionally, until reduced to a glaze, about 2 1/2 cups (20-25 minutes).
Heat oven to 425 degrees. Set a wire rack over a foil-lined, rimmed baking sheet. Pour 1/2 cup water in baking sheet (helps to prevent smoking).
Coat half the ribs in the glaze and arrange on the rack, bone-side up. Roast 5-7 minutes, then flip and roast an additional 5-7 minutes until well-caramelized. Transfer to serving dish and repeat with remaining ribs.
Serve, passing remaining glaze as a dipping sauce.
Notes
*The MANUAL and PRESSURE COOK buttons are interchangeable.