Set the Instant Pot to sauté. Let it heat for 2 minutes.
Add olive oil,
Add onion, peppers, garlic, salt, pepper, oregano, cumin, and coriander.
Stirring often, cook until aromatics are slightly tender, about 3-4 minutes.
Add bay leaves, stock, and black beans.
Stir to combine
Cover Instant Pot, and fasten lid.
Lock and seal steam valve.
Set to HIGH pressure for 37 minutes. (The pot will take about 15 minutes to come up to pressure before the cooking program begins.)
When the cook time has ended, allow Instant Pot to naturally release pressure for 20 minutes.
Turn off Instant Pot and remove the top
Remove the bay leaves and Chili de Arbol and discard
Spoon black beans and cooking liquid into bowls
Top with cherry tomatoes and cilantro
Serve over rice.