Turn the Instant Pot to sauté. Add the bacon and cook until lightly browned about 5 minutes. Add the onion and cook until soft.
Add the chicken broth and water to the pot. Scrape the bottom of the pot with a wooden spoon to make sure there are no cooked-on bits.
Add the beans, bay leaf, salt, garlic powder, cumin, and pepper.
Secure the lid and make sure the valve is in the sealed position. Cook on high pressure for 45 minutes.
Allow the pressure to release naturally for 15 minutes. After 15 minutes release the rest of the pressure manually then open the lid.
Remove the bay leaf and serve the beans.
You can serve the beans with the cooking broth or drain the broth. To drain the broth, strain the beans through a sieve or scoop them with a slotted spoon.
Video
Notes
Rinse the pinto beans and pick out any pebbles or dirt before starting.