Turn the Instant Pot on "Saute" and heat the olive oil. Sauce the bacon 3-4 minutes.

Add the onion, garlic and red peppers and saute until tender, about 3 minutes.

Add the smoked paprika, salt, and pepper and cook until fragrant, about 1 minute.

Turn the Instant Pot off, and stir in the water and apple cider vinegar, then deglaze by using a wooden spoon to stir and scrape browned bits at bottom of the pot loose. Add thyme, bay leaf and any additional seasoning.

Mix in black-eyed peas

Lock the lid, and set the Instant Pot to high pressure for 20 minutes.

When the timer goes off, quick release the pressure and carefully open the lid. Season the blacked peas with more salt and pepper sauce to taste. Stir to make sure the flavors are combined well. Let warm for 5-10 minutes or more before serving.

Serve black-eyed peas in shallow bowls. Top each bowl with grated cheese and black pepper. Amounts depend on preference.