Pat dry the thighs dry. Add the thighs into the Instant Pot 8 qrt pressure cooker.
In a bowl whisk together the sauce, water, paprika, cayenne, brown sugar, honey, salt, and pepper. Pour over thighs. Lock the lid down and set it to High pressure, for 10 minutes.
When the 10 minutes is 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 thighs from the pressure cooker with tongs and place on the rack, set aside. Set the pressure cooker to browning and stir the sauce until thickened ~10-15 minutes. Slather on some sauce on top of the thighs. Put the pan in the oven, under the broiler for 2-5 minutes (just enough to lightly char the sauce).
Flip the thighs over, cover with more sauce and broil for 2-5 more minutes or until they are nicely charred. Place the sauce in a container for serving. Store any leftovers in the fridge.