Pat the wings dry, then put them into the Instant Pot.
In a bowl, whisk together the sauce, water, bourbon, smoke, paprika, cayenne, brown sugar, honey, salt, and pepper. Pour over wings.
Lock the lid down and set it to High pressure, 10 minutes. *Note if they are frozen, increase to 12 minutes
When the 10 (12 if starting from frozen) minutes are up, do a quick release. While the quick release is relieving pressure, place the oven to broil with a rack in the middle.
Line a rimmed pan with foil and place a cooling rack on top. Lightly spray the rack.
Gently remove the wings from the pressure cooker with tongs and place them on the rack.
Set the pressure cooker to saute. Place the wings in the oven and broil for 5 minutes on each side. While the wings are in the oven, stir the sauce until thickened ~10 minutes.
Remove the pan from the oven and slather on some sauce. Return to the broiler for 5 minutes.
Flip the wings over, cover with more sauce, and broil for five more minutes or until they are nicely browned and the sauce has set on the wings. Place the sauce in a container for serving.