Press Saute on an Instant Pot, then heat the oil in the inner pot. Add the onion, celery, and garlic, season with paprika, salt, and pepper, and saute for 3 minutes until just softened. Add the bacon pieces and saute another 3 minutes.
Add the broth, black-eyed peas, and collard greens and stir. Nestle the ham hock into the pot.
Secure and seal the lid, then cook on Manual High Pressure for 15 minutes, allowing a full Natural pressure release at the end of the cooking time.
When the pin drops, carefully remove the lid. Use tongs to retrieve the ham hock and discard it (if you can get any meat off of the bone, add it to the pot!).
Notes
Storing: Cooked instant pot black-eyed peas will keep in the refrigerator for up to 5 days when stored in an airtight container.Freezing: To freeze instant pot black-eyed peas, cool the instant pot black-eyed peas completely before transferring them to freezer bags or containers. Seal well and store in the freezer for up to 6 months.