Step 1

Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Add bacon and cook, 4 to 6 minutes, turning once. Add chicken broth, pinto beans, water, onions, chile peppers, garlic powder, salt, chili powder, cumin, and paprika. Close and lock the lid.

Step 2

Select high pressure according to manufacturer's instructions; set timer for 45 minutes. Allow 10 to 15 minutes for pressure to build.

Step 3

Release pressure using the natural-release method according to manufacturer's instructions, 10 to 40 minutes. Unlock and remove the lid. Remove bacon and chile peppers. Mash beans with a potato masher until they reach desired consistency.