– Set Instant Pot to the Sauté setting on medium heat for 8 minutes. When IP is heated, add oil, bacon, and onions. Cook until lightly browned, about 8 minutes. Add black pepper and cayenne pepper to bacon mixture. Stir and cook for two minutes more.
– Press Cancel on the IP if it's still on. Add chicken broth, ham, water, black eyed peas, bay leaves, and head of garlic. Stir to combine. Secure lid. Select Pressure Cook and set to Manual or High Pressure for 25 minutes. Turn "keep warm" to Off.
– When cooked, let the pressure release naturally for 15 minutes. Release remaining pressure by pressing the steam release valve. Cover the valve with a kitchen towel to prevent any hot steam from splattering on your counter or hand.
– When all steam has been released, remove the bay leaves and head of garlic.– Partially mash black eyed peas with a masher to desired consistency.– If you prefer a thicker broth, select the Sauté function on Medium heat for 5 minutes.