Drain and rinse beans. Press Sauté; add chorizo to Instant Pot®. Cook 3 to 4 minutes, stirring to break up meat. Remove to bowl.
Heat oil in pot. Add onion; cook and stir 3 minutes or until softened. Add salt, tomato paste, garlic, chili powders, cumin and coriander; cook and stir 1 minute. Stir in tomatoes, water, beans and chorizo; mix well.
Secure lid and move pressure release valve to Sealing position. Press Manual or Pressure Cook; cook at high pressure 20 minutes.
When cooking is complete, use natural release for 10 minutes, then release remaining pressure. Garnish with cilantro.