Turn your Instant Pot to the "medium sauté function." Add the olive oil and when warm, add the red onion, bell pepper, garlic cloves, salt, ground cumin, coriander, oregano and crushed red pepper. Cook until softened and fragrant, about 5 minutes.
Add the bay leaves, black beans and water. Stir until combined. Place the lid to the Instant Pot on and press “cancel." Then, turn the Instant Pot to “pressure cook” and set the timer to 40 minutes. Make sure the pressure knob is on “seal.”
When the Instant Pot comes to pressure the timer will begin. When the timer goes off, do not do a quick-release. Allow the machine to do a natural-release which will continue cooking the beans further.
When the natural release is done, you’re welcome to remove the lid, making sure you do it pointing away from yourself. Remove the leaves of bay leaves and discard. Using an immersion blender, blend the black beans until they’re smooth and cohesive. This will thicken the soup quite a bit, going from kinda watery to a good soup consistency.
Alternatively, you can transfer this to a blender in batches.
Divide amongst bowls and garnish with avocado, a dollop of sour cream, some of the reserved red onion and cilantro leaves.
Soup lasts up to 1 week when stored in an air-tight container in the fridge.