Rinse the pinto beans in a colander or strainer and ensure there are no rocks, foreign pieces, or weird beans. Set the beans aside.
Roughly chop the onion and mince the garlic and jalapeno. Cut up the bacon into small pieces, about 1".
Turn the Instant Pot to SAUTE and cook the bacon for 3-4 minutes. Add the onions and jalapeno and saute for an additional 3 minutes. Add the garlic and stir to combine.
Add the broth and scrape the bottom of the pan insert if there are any burnt pieces on the bottom. Add the beans, water, bay leaves, salt, and pepper.
Lock the lid on the Instant Pot, make sure the vent is sealed, and turn it to Pressure Cook HIGH for 45 minutes. Once the cycle is complete, allow the steam to naturally release for 15-20 minutes and then manually release the rest.
Open the Instant Pot and remove the bay leaves. Carefully drain the beans saving the liquid. You will need this for mashing the beans. I strained the beans into a strainer and place a bowl below it to catch the liquid. The beans will need to be out of the pot for a few minutes.
While the Instant Pot is empty, place the insert back on and turn the Instant Pot back to saute. Add the lard and allow it to melt. Place the beans back into the pot along with the cumin, onion powder, oregano, and chili powder, and ½ cup of reserved juice. Cook in the lard for 3 minutes, stirring constantly.
Manually mash the beans with a potato masher. Add another cup of the reserved liquid and continue to mash. If you want beans with chunks, this is as far as you need to go. I prefer my beans smoother. You can use a hand blender or a blender to puree the beans into a smooth consistency. Add any extra liquid as needed.
Taste for any seasoning needs and adjust as desired. Enjoy!