Press SAUTE mode on your Instant Pot. Add the olive oil. Once the olive oil is heated up a bit, add the chopped bacon. Stir and sauté the bacon for about 3 to 4 minutes, just until it's cooked through but not yet crispy.
Add the chopped sausage to the pot and sauté with the bacon for 2 to 3 minutes, just until the outside gets browned.
Add the onions and celery, and sauté for about 2 minutes, just until the onions are soft and fragrant.
Add the garlic, thyme, and bay leaf. Stir to combine and sauté for 1 minutes.
Then pour in a little bit of the chicken broth or vegetable broth and use a wooden spoon to deglaze the pot and scrape up any brown bits at the bottom of the pot.
Pour in the remaining broth. Stir in the black eyed peas, Cajun seasoning, and collard greens. Press CANCEL to turn off the sauté mode.
Secure the lid, ensuring the pressure valve is in the SEAL/SEALING mode. Press PRESSURE COOK (or MANUAL, depending on your pressure cooker), then set the cook time to 20 minutes on HI.
The Instant Pot will take up to 10 minutes to come to pressure, then it will start pressure cooking and counting down. Once pressure cooking is complete, the Instant Pot will display WARM and the time will start counting up. Allow for Natural Pressure for 15 minutes (meaning: do not touch the Instant Pot but rather allow pressure to release out the valve naturally/slowly).
After 15 minutes of Natural Pressure, use tongs, a wooden spoon, or thick oven mitts to carefully move the pressure release valve over to VENT/VENTING mode to allow for Quick Release. Once all of the pressure has been released, and the pressure pin has fallen all the way down in the lid, then very carefully twist and open your Instant Pot lid.
Stir the ingredients together, and if the mixture is too thin for your taste, press SAUTE and continue stirring as the black eyed peas thicken up. Season with salt and pepper, adding more if necessary. Serve immediately.
Notes
Makes enough for approximately 8 appetizer or side dish servings, and approximately 6 main dish servings.Soaking option: If you do soak the black eyed peas overnight (or for at least 3 hours), you can cut the pressure cooking time in half. How to store: allow the food to cool, then store in an airtight container in the refrigerator for up to four days. You can also freeze black eyes peas for up to two months. Simply thaw at room temperature, and then reheat in the Instant Pot on Saute mode, or in a saucepan on the stove.