Drain the soaking liquid from the beans and set the beans aside.
Heat the oil in the Instant Pot® by selecting Sauté. Add the onion and sauté for 2 Minutes. Add the garlic, cumin, and chipotle powder. Add the beans, broth, bay leaf, and oregano. Stir well.
Turn the heat up high. Lock the lid in place. Turn the steam valve to Sealed. Select the Manual key and reduce the time to 7 Minutes. When the 7 minutes is up, let the pressure come down naturally.
When down, carefully remove the lid, tilting it away from you.
Remove the bay leaf.
At this point, you can either mash the beans with a potato masher, use an immersion blender, or keep the soup as is.
Add salt to taste.
Garnish with a dollop of soy yogurt or sour cream and a sprinkle of cilantro. Enjoy!