Select "saute" on the Instant Pot. Pour in the olive oil. Add the onion, bell pepper, and garlic. Saute for 5 minutes until tender. Then add in the salt, black pepper, cumin and ground coriander. Stir.
Add in the dried black beans and the water. Mix well then add in the fresh cilantro and bay leaves. Mix one more time. Place the lid on the Instant Pot; lock and place pressure valve to "sealing". Select "manual" setting and cook for 20 minutes. Once the beans are done cooking, let them sit 30 minutes until pressure naturally releases. After the 20 minutes, carefully release any existing pressure. Open lid, stir well and enjoy.