Rinse ribs in water and pat dry with paper towels.
Add 2 tablespoons olive oil to the instant pot and turn on saute function.
Mix remaining olive oil with 1/2 tablespoon of smoked paprika and 1/2 tablespoon of garlic salt. With gloved hands, massage mixture all over the ribs.
Saute ribs in instant pot until browned on all sides.
Remove ribs.
Add broth, bourbon, remaining garlic salt, remaining smoked paprika, minced garlic, liquid smoke, and fresh thyme to the Instant Pot. Stir together.
Add ribs back to the Instant Pot and cook on high pressure for 45 minutes. Do a natural release (about 15 minutes).
Remove ribs and set aside to keep warm.
Turn the Instant Pot to the saute function.
Using a fork or small whisk, mix together the cornstarch and water. Add to the remaining liquid in the Instant Pot. Using the saute function, whisk occasionally until thickened.
Turn off Instant Pot and remove gravy to serve with ribs.
Notes
We used bone-in beef short ribs for this recipe. You can certainly use boneless with the same instructions.
The alcohol content in this recipe is cooked out. It simply adds rich flavor to the beef. However, you can substitute the bourbon with additional beef broth if needed.