Press saute on the Instant Pot and add chopped bacon once HOT.
Cook bacon until browned, then remove to a bowl with a slotted spoon.
Add diced onion to the bacon drippings and stir while cooking for a couple minutes. Make sure to scrape the bottom of the pot to deglaze.
Add diced peppers, jalapeno, and celery, and cook until onion is translucent.
Scoot the veggies to the outside of the pot and add the garlic and cook for one more minute.
Add the broth and stir to make sure there are no bits left on the bottom of the pot.
Add the ham hock, rinsed black-eyed peas, and seasonings.
Close and lock the lid.
Cook on high pressure for 40 minutes. Allow to naturally release for 15 minutes.
Release remaining pressure and carefully remove the ham to a cutting board.
Pull the ham from the bone and discard any fat and skin.
Dice the ham and return it to the pot.
Serve over white rice and top with green onions and crispy bacon.