Dice the bacon, onion, and tomato. Place the stainless steel inner pot inside the Instant Pot®. Press Saute and set time to 5 Minutes. Add the bacon, shredded chorizo, onion, and tomato. While sautéing, make sure to stir continuously.
Add and incorporate the beans, water, and salt. Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing. Press Pressure Cook and set time to 30 Minutes.
Once the time is up, press Cancel and turn the steam release handle to Venting. Remove the Instant Pot® lid, stir and serve, adding cilantro to taste.