Add 1 cup water to the insert of an Instant Pot. Add a trivet to the instant pot. Cut the roots and stems off of the beets. Rinse. Add beets to the trivet in the instant pot. Lock lid; set valve to sealing. Program for manual-high and 14 minutes.
Allow for 10 minutes of natural pressure release (NPR) or allow for total natural pressure release. Remove beets with a slotted spoon. Using a paper towel, remove peels.
Thinly slice cooked beets and place in a glass jar.
Combine vinegar, 1/4 cup water, honey, salt, and pepper in a shaker cup or blender. Shake or process to combine. Pour into jar. Seal lid. Refrigerate at least 24 hours or up to 1 week. Use as desired.