Rinse and drain black beans. Discard and beans that are cracked or split in half, as well as any rocks or debris.
Press the saute button on the Instant Pot and add the olive oil. When hot, add the onions and bell pepper. Cook for 5 minutes, stirring occasionally, until onions become translucent.
Add the bay leaves, garlic, salt, cumin and oregano. Cook for 30 seconds, stirring continuously.
Add the water and rinsed black beans. Stir everything together to combine.
Cover with lid, seal the pressure valve and cook on high pressure for 35 minutes.
When the timer goes off, let the pressure release naturally for 20 minutes, then carefully open the pressure valve to manually release any remaining pressure.
Discard the bay leaves and serve immediately with chopped cilantro for garnish.
Notes
Do you like your black beans to have a good amount of broth? To make them a little more "soup-y", add 5 cups of water instead.