Place the stainless steel inner pot inside the Instant Pot®. Press Saute. Add a drizzle of olive oil and the bacon. Brown a few minutes; once done, remove and place on paper towel.
Add the onion and a pinch of salt. Sauté until the onion is translucent. Add the garlic, yellow pepper and pepper to taste; sauté 1 more minute. Add the white wine and allow alcohol to burn off. Once this process is finished, press Cancel.
After blending olives with splash of water, mix so that all the flavors are integrated. Then add the rice, water, salt, raisins, and bacon.
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 time to 5 Minutes.
When done cooking, press Cancel and turn the steam release handle to Venting. Once all the pressure has been released, open the Instant Pot® lid and stir.
Add the chopped pecans and sliced olives. Remove with a regular or carving fork and let rest for 10 minutes.
Finally, top with some more pecans and raisins. All done!