Rinse and soak the dried black-eyed peas in water for 4-6 hours or overnight.
Turn on the Instant Pot and set it to sauté mode. Add olive oil and sauté onions, garlic, and bell peppers until softened.
Add the soaked black-eyed peas, crushed tomatoes, vegetable broth, chili powder, cumin, salt, and pepper.
Set the Instant Pot to pressure cook on high for 15 minutes. Allow natural pressure release for 10 minutes before venting.
Open the lid, stir well, and adjust seasonings if needed. Serve hot garnished with fresh cilantro.