Turn Instant Pot on sauté, allow to heat, then add oil. Sauté onion and garlic in pot 3-4 minutes. Add seasoning, stir & sauté additional minute.
Add dried black eyed peas and water. Stir. Add ham bone.
Close lid and vent knob. Cook on high pressure 25 minutes. Allow pressure to naturally release (NPR).
Open lid, remove bone, and remove ham from bone. Dice ham and add back to pot. Stir. Close lid and vent knob and cook again on high pressure for 2 minutes.
Allow NPR for 15 minutes then release remaining pressure.
Stir and serve with hot sauce, cornbread and other fixings as desired.