Soak the beans in plenty of cold water to cover for 8 hours (or overnight). Drain and rinse the beans.
Add the beans to the Instant Pot and top them with the remaining ingredients except for the cilantro: onion, garlic, jalapeño, salt, chili powder, cumin, oregano, paprika, cayenne, bay leaf, canned chiles, vegetable broth, and salsa). Stir to combine
Select the Pressure Cook (Manual) setting at high pressure and set the cook time to 8 minutes. If you did not soak your beans, set the cook time to 30 minutes.
Once the timer has elapsed, allow a natural pressure release for at least 10 minutes before switching the valve from Sealing to Venting to release any remaining steam. If the beans are too liquidy for your taste, drain some of the liquid off, or transfer the beans to a serving dish using a slotted spoon, leaving behind excess liquid.
Stir in the cilantro and serve warm. Once cooled, store leftovers in the fridge for up to 5 days, or freeze for 6-8 months.