Turn on the "Sauté" feature on the Instant Pot to let it preheat.
Cut the bacon into small pieces and cook sauté in the Instant Pot for about 5-7 minutes.
Turn off the Instant Pot and continue to cook for 5 minutes.
Set aside and remove most of the grease.
Add in the oil, chopped onion, carrots, and celery.
Turn the "Sauté" feature back on and cook for about 3-5 minutes.
Turn off the Instant Pot and add in the broth, water, and black eyed peas.
Add in the garlic powder, smoked paprika, chili powder, salt, and pepper.
Mix and add in the chopped cabbage.
Mix one more time, then add the lid and set the Instant Pot valve to the "Sealing" position.
Set the Instant Pot to cook on high pressure for 30 minutes.
Once the timer goes off, let it naturally release for 10 minutes.
Set the valve to the "Venting" position to release any remaining pressure (until the valve drops).
Remove the lid and stir.
Serve and enjoy!