Using highest sauté function, heat oil in Instant Pot until shimmering. Add chorizo and cook until lightly browned, 3 to 5 minutes. Stir in garlic and paprika and cook until fragrant, about 30 seconds. Stir in water, scraping up any browned bits, then stir in lentils, broth, vinegar, bay leaves, and salt. Nestle onion and carrots into pot.
Lock lid in place and close pressure release valve. Select high pressure cook function and cook for 14 minutes. Turn off Instant Pot and quick-release pressure. Carefully remove lid, allowing steam to escape away from you.
Discard bay leaves. Using slotted spoon, transfer onion and carrots to food processor and process until smooth, about 1 minute, scraping down sides of bowl as needed. Stir vegetable mixture into lentils and season with salt, pepper, and extra vinegar to taste. Drizzle individual portions with extra oil, and sprinkle with almonds and parsley before serving.
