Turn the Instant Pot to sauté. Add oil and let heat briefly. Once heated, add in minced onion, bell pepper, chopped carrots, and diced jalapeno and sauté, stirring often, until the onions are softened, about 3-5 minutes. Add in the cumin, smoked paprika, and garlic and sauté until fragrant, about 1 minute. Hit cancel to turn OFF the sauté function.
Add 2 cups of water to the inner pot and use a wooden spoon or spatula to scrape up any browned bits off the bottom of the inner pot (this will prevent a burn notice.)
Add the rinsed and sorted beans, the broth, and the bay leaf. Stir gently to combine.
Place the lid on the inner pot, and be sure the vent knob is pointed towards sealed, and/or the lid is locked into place. To set the cooking time, hit manual or pressure cook and use the +/- buttons to adjust the cooking time to 30 minutes on high pressure.
Once the cooking time has elapsed, allow the pressure to release naturally for at least 15 minutes.
Once the pressure has been released, open the instant pot, remove the bay leaf, and discard. Transfer about 3 cups of the cooked soup to a blender or food processor. Place the lid on the blender or food processor, with the filler (cap on lid) slightly ajar. Blend on low speed to puree the beans into the liquid.
Stir the pureed beans back into the inner pot. Add the zest and juice of the limes, and ½ teaspoon of salt and stir to combine. Taste and add more salt as needed.
Serve with minced cilantro, cheese, avocado, sour cream, jalapenos, etc.