Step 1

Heat oil in Instant Pot on Sauté setting (or heat over medium-high if using another pressure cooker). Add onion and bacon, season with salt and pepper, and cook, stirring occasionally, until onions are softened and just beginning to brown and bacon has rendered some of its fat, 5–6 minutes.

Step 2

Meanwhile, cut collard leaves away from stems; discard stems. Cut leaves in half through the midline. Stack leaves and cut crosswise into 1"-thick strips. Add collards and chile to pot, season again with salt and pepper, and cook, tossing frequently, until collards are shiny and wilted, 3–4 minutes. Lock lid and cook on high pressure 12 minutes.

Step 3

Release pressure manually, then open lid and taste collards; adjust seasoning as needed. If there’s a lot of liquid in the pot, simmer on Sauté setting until reduced enough to lightly coat greens.

Step 4

Transfer collard greens to a platter. Season with hot sauce as desired.