First, wash black beans in a colander. Remove any dirt or rocks.
Add the black beans to the Instant Pot inner pot. Next add the bell pepper that has been seeded and the top removed. Pour in 6 cups of water. Add 1 teaspoon of each, salt, garlic powder and cumin. Set the Instant pot to cook for 10 minutes. Turn off the keep warm feature.
Add the partially cooked black beans to the washed rice. Stir in the sautéed onions and garlic. Stir in 1/2 of the cooked bacon. Reserve the other half of the bacon for later. Add in 4 cups of the reserved water drained from the black beans. Last, stir in 1 tablespoon of olive oil.
Set the Instant pot to cook for 3 minutes. Turn off the keep warm feature. When the time is up let the Instant pot natural release for 8 minutes. Then carefully quick release the steam using the valve. Stir in the remainder of the bacon. Serve with your favorite protein.