Soak the beans overnight if you are going to prepare in the morning or you can let them sit all day until you are ready to prepare the soup. You can also soak the overnight, drain and store in the refrigerator until you going to cook them the same day.
Using the sauté function on the Instant Pot, heat up 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 been reading 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. Kind of 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 you do 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 into place and select the Soup/Broth button. Set the cooking time for 7 minutes.
You will see the machine say ON but it's going to take 5 to 8 minutes for the pressure to build up and the pressure valve to seat itself in the closed position. 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 3 choices, but we're only going to discuss the one they call "natural" release. Basically, 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 important 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 regular blender and puree the soup that way too.
Taste and adjust seasoning with salt and pepper.
When serving, add a dollop of sour cream or plain yogurt for an extra layer of flavor plus it looks really good when serving.