Use a mesh strainer to rinse the beans. Pick through them to check for any debris.
Add the 2 tablespoon olive oil to the Instant Pot and press the Sauté button. When it's hot, add the diced 1 yellow onion, 3 stalks celery, and 2 carrots and cook for about 5 minutes, stirring occasionally.
Stir in the 1 teaspoon ground cumin, 1 teaspoon dried oregano, 1 teaspoon chili powder, ½ teaspoon garlic powder, ½ teaspoon smoked paprika, and ¼ teaspoon black pepper and press cancel. Add in the rinsed beans, 14 oz. diced tomatoes, 4 cups vegetable broth, 3 cups water, and 1 bay leaf.
Lock the lid in place and turn the Instant Pot to Pressure Cook to HIGH. Cook for 40 minutes. When done, let the steam pressure to naturally release for 15 minutes. Then quick release any remaining pressure.
Remove the bay leaf. If you want a creamier soup, use an immersion immersion blender to thicken the soup a little. Or you can keep it as is. Check the seasoning and add salt and pepper, if needed.
Store any leftover soup in an airtight container in the fridge for up to 5 days. You may want to add a little water or broth when you reheat it as it gets thicker when refrigerated.