Step 1

Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Add oil and heat until shimmering. Add onion and yellow pepper; cook and stir until translucent and soft, about 5 minutes.

Step 2

Add garlic, chili powder, cumin, oregano, salt, pepper, and chipotle powder. Stir until fragrant, about 1 minute. Add broth, beans, and chile peppers. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 40 minutes. Allow 10 to 15 minutes for pressure to build.

Step 3

Release pressure using the natural-release method according to manufacturer's instructions, about 25 minutes. Unlock and remove the lid. Use a stick blender to blend beans until thick and creamy. Season with garlic salt. Serve with pico de gallo, red bell pepper slices, and lime wedges.