Place all of the ingredients into the Instant Pot, except for the collard greens (black eyed peas, carrots, bay leaf, paprika, garlic powder, onion powder, thyme, oregano, salt, black pepper and water).
Stir and lock the lid into place, making sure the nozzle is pointed in the sealing position. Use the Manual setting and set the time for 25 minutes. When the time is up, turn off the Instant Pot and carefully use the quick release method until all of the pressure is out.
Take off the lid and remove and discard the bay leaf. Add the collard greens and stir.
Allow to cool before storing in the fridge. This will thicken as it sets. Add a bit of salt to taste if needed.