Sort through the black eyed peas and remove and discard any rocks, foreign material, or peas that look overly wrinkled, discolored, or misshapen. Rinse the sorted black eyed peas in cool water and set them aside for now.

Set the Instant Pot to "Sauté" and pour in the olive oil. Once heated, add the chopped bacon and cook for 5 minutes, stirring it up a few times throughout. Then add the onion, bell pepper, celery, and carrots. Sauté for 7 minutes, or until the vegetables are becoming softened. Add garlic and cook for 1 minute more.

Add the tomato paste and scatter in the dried seasonings: smoked paprika, paprika, thyme, oregano, garlic powder, crushed red pepper, salt, and pepper. Stir everything up and work the tomato paste into the vegetables as best you can. Cook for 2-3 minutes.

Deglaze the Instant Pot by pouring in roughly one-third cup of the broth and use a wooden utensil to scrape up any stuck-on browned bits from the bottom of the pot. Pour in the rest of the broth, then add the red wine vinegar and bay leaves. Shut off the "Sauté" function.

Add the rinsed black eyed peas and stir well. Nestle the smoked ham hock into the center of the pot so it's as submerged as possible.

Close and lock the lid into place and ensure the valve is set to "sealing". Set the Instant Pot to cook for 25 minutes on manual high pressure.

Once the cook time has completed, let the pressure release naturally for 15-20 minutes (it doesn't need to be precise). At that time carefully turn the valve to "venting" to release all remaining pressure. Once the float valve goes down and it is safe to do so, remove the lid.

Find and discard the two bay leaves, then remove the ham hock to a cutting board. Slice off the meat from the bone and chop into small bits before adding the pork back to the Instant Pot. Give the peas a big stir and add more salt, to taste, before serving.