Dice the onions, then set them aside.
Slice the cooked bacon into smaller pieces and set those aside as well.
Set the Instant Pot to sauté on high.
Pour the olive oil into the Instant Pot and let it heat for about 4 to 5 minutes.
Add the onions and sauté them just until they begin to soften.
Add the fresh minced garlic and bacon grease.
Continue sautéing for another couple of minutes, just until the garlic becomes fragrant.
Stir in the chopped bacon and let it heat through for another minute or two.
Stir in the chicken bouillon powder.
Pour in the water, followed by the dry black-eyed peas. Give everything a really good stir to fully combine.
Press the cancel button, secure the lid, and set the Instant Pot to Pressure Cook on high for 16 minutes.
Once the cooking cycle is complete, allow for a 15-minute natural pressure release.
After the natural release, carefully release any remaining pressure and remove the lid.
Give everything a good stir before serving.