Add the beans, red pepper, onion, oregano, dried cumin, garlic powder, salt, black pepper, and bay leaves to Instant Pot®.
Pour broth on top and add the lid. Set the pressure valve to “sealing” and select the “Manual” cooking option on the “High” setting. Set cook time to 32 minutes.
When done cooking, allow the pressure to release naturally for 20 minutes, and then do a quick release of any remaining pressure.
Turn the unit off and carefully remove lid. Transfer red pepper, onion, and ½ cup broth to a blender or food processor. Cover and blend until smooth.
Pour pureed vegetable mixture back into the Instant Pot® and add red wine vinegar. Season with additional salt and black pepper, as desired , and stir to combine. Serve immediately over a bed of cooked rice, topped with chopped red pepper, avocado, and cilantro. Offer lime wedges, if desired. Enjoy!