Instant-Pot Black Bean Soup

1 tablespoon olive oil
1 medium yellow onion diced
1 red bell pepper diced
3 cloves garlic minced
2 1/2 teaspoons ground cumin
1 1/2 teaspoons chili powder
1 teaspoon dried oregano
1/2 teaspoon smoked paprika
1/4 teaspoon cayenne pepper optional
1 pound dried black beans rinsed
4 cups vegetable broth
2 cups water
1 bay leaf
Juice of 1 lime
Salt and freshly ground black pepper to taste
Fresh cilantro leaves chopped (for garnish)
Preferred toppings such as diced avocado, plant-based sour cream, or jalapeño slices

Select 'Sauté' on your Instant Pot. Heat olive oil, then add diced onion and red bell pepper. Cook, stirring, until softened, about 3 minutes. Add minced garlic and cook for another minute.
Stir in ground cumin, chili powder, dried oregano, smoked paprika, and cayenne pepper if using. Cook for 30 seconds until fragrant. Add rinsed black beans to the pot.
Add vegetable broth, water, and bay leaf. Stir well to scrape bits from the pot.
Secure the lid on the Instant Pot and set the valve to 'Sealing'. Select 'Pressure Cook' or 'Manual' and set the time to 45 minutes on high pressure. Allow the Instant Pot to come to pressure, about 10 minutes.
After cooking, let pressure release naturally for about 15 minutes, then turn the valve to 'Venting' to release remaining pressure.
Open the lid and remove the bay leaf. Use an immersion blender to blend the soup until smooth, or leave some beans whole for texture.
Stir in lime juice. Adjust seasoning with salt and pepper. Ladle soup into bowls, enjoy warm, and garnish with cilantro and preferred toppings.