Turn your Instant Pot onto Saute mode, then add chopped bacon and cook until most of the fat has been rendered out of it. Drain excess grease into a jar, leaving 1-2 tablespoons to cook the onion in.
Add diced onion and cook just until it starts to become translucent, then stir in minced garlic and cook until it becomes fragrant, then turn off the heat.
Add the chicken stock to the pot and stir, scraping the bottom of the pan to make sure nothing is stuck.
Stir in the black eyed peas, sea salt and bay leaf. Place the lid on the Instant Pot and press the Pressure Cook setting button and set it to cook on High Pressure for 30 minutes, allowing for a full natural pressure release. Open the lid.
Stir well with a ladle, then serve your delicious black eye peas in a bowl with a soup spoon.