Soak the beans overnight if you prepare them in the morning, or let them sit all day until you are ready to prepare the soup. You can also soak them overnight, drain them, and store them in the refrigerator until you cook them the same day.
Using the sauté function on the Instant Pot, heat the oil until hot. Add the chopped onion and sauté for a couple of minutes and then add the garlic. Be sure to keep stirring, so the garlic doesn't burn. If you need a little more oil, add some.I have read that some people like to do the sauté part of their Instant Pot meals in a pan over the stove and then add it to the Instant Pot. Of course, it defeats the purpose of getting this machine, but I can see where they are coming from. I think you have more control of the heat in a pan over the stove than in the Instant Pot, especially if you are cooking with gas.
Add the drained beans, broth, bay leaves, and Sazón. Stir to combine.
With the Instant Pot plugged in and ready to go, put the cover on the machine, lock it into place and select the Soup/Broth button. Set the cooking time for 7 minutes.
You will see the machine say ON, but it will take 5 to 8 minutes for the pressure to build up and the pressure valve to seat itself in the closed position. So once the pressure value is set, the timer will show 7 minutes and start counting down.
When the 7 minutes are up, you'll hear a beep letting you know the soup is down. First thing you do is hit the CANCEL button to turn off the Instant Pot.
It's then time to release the pressure from the Instant Pot, and you have three choices, but we're only going to discuss the one they call "natural" release. After that, there is nothing to do. The food continues to cook using the "residual heat and steam," but without the heating element on, the steam subsides, the pressure reduces, and the pressure release valve drops and opens.
Once the pressure release valve drops, the lid will unlock, and you can remove the cover from the pot. It's essential when removing the cover from the Instant Pot, you do so by tilting the cover away from you to prevent getting burned from any steam left in the pot.
Carefully remove the bay leaves with a pair of tongs.
Using an immersion blender, ricer, or potato masher, mash the beans to your desired consistency. You could also transfer the soup to a standard blender and puree the soup that way too.
Taste and adjust the seasoning with salt and pepper.
Add a dollop of sour cream or plain yogurt for an extra layer of flavor; it looks terrific when serving.