Rinse peas and set them aside.
Dice raw bacon into small pieces. Make sure your knife is sharp and bacon is cold to make it easier to cut.
Turn Instant Pot to Saute and let it heat up. Add a little bit of oil to the bottom of the pot and add bacon. Saute bacon until browned. Scrape bottom of pot with a little bit of water to remove any bacon that is stuck to bottom.
Add peas to the pot and mix.
Add water, chicken stock, some salt, and fresh cracked black pepper. (Don't add too much salt since bacon is salty.)
Stir and close the lid and make sure it's latched. Turn the valve to "seal" and set the Instant Pot to cook on high pressure cook mode for 40 minutes.
Let it do a natural release for 10-15 minutes.
Fluff up peas and serve.
Note: If peas aren't fully cooked after 40 minutes, pressure for an additional 10-15 minutes.