Place the stainless steel inner pot inside the Instant Pot®. Press Saute and set the cook time to 18 Minutes. Sauté bacon in its own fat for 6 Minutes.
Add the onion and sauté another 6 Minutes, add 1 tbsp cumin, chopped fresh coriander and mix well.
Add the chili pepper and tomatoes, mix everything, add 2 cups dry black beans and 3 cups water, and stir.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing. Press Pressure Cook, pressure level High, and set the time to 20 Minutes.
When done cooking, let the pot release all the steam naturally. Then press Cancel and turn the steam release handle to Venting.
Serve with a little natural yogurt on top and fresh coriander.