In a small bowl, stir together 1 tablespoon salt, 2 teaspoons garlic powder, 2 teaspoons paprika, and ½ teaspoon black pepper; sprinkle over rib tips. Let stand at room temperature for 1 hour. Pat ribs dry.
In a 6-quart Instant Pot with trivet placed inside, combine 1 cup water and vinegar. Arrange rib tips, vertically, in a single layer. Lock lid; close pressure-release valve.
Select MANUAL feature. Pressure cook on HIGH for 40 minutes. Let pressure release naturally, about 30 minutes. Uncover and press CANCEL feature.
Remove rib tips and trivet; set aside. Drain, reserving ¼ cup cooking liquid in Instant Pot; add honey, bourbon, ketchup, Worcestershire, mustard, thyme, and red pepper. Select SAUTE function, and cook until sauce is thickened, about 5 minutes. Stir in remaining ½ teaspoon salt, ½ teaspoon garlic powder, ¼ teaspoon paprika, and ¼ teaspoon black pepper. Press CANCEL feature. Carefully transfer sauce to a bowl.
Preheat oven to broil. Line a rimmed baking sheet with foil; evenly spread rib tips on top. Brush with sauce.
Bake until lightly caramelized, about 4 minutes. Brush with any remaining sauce. Serve immediately.
Recipe by Taste of the South at https://tasteofthesouthmagazine.com/instant-pot-honey-bbq-pork-rib-tips/