Rinse the beans especially if using the dry beans and remove anything that may not be a bean (yes sometimes little pebbles are in the bag).
Set the Instant-Pot to the sauté function.
Add the oil to the pot.
Add the onion and celery, cook until translucent.
Add the garlic, thyme, red pepper flake, black pepper, and bay leaf, cook for 30 seconds.
Add the ham hock, bacon and paprika and cook till it is browned on all sides.
Add the chicken stock and black-eyed peas.
Cover with the lid and lock into place. Make sure it is sealed and no steam can escape through the release button.
Press the Pressure Cook/Manual button, set to 16 minutes.
When the pot beeps, do not release the steam just let it sit undisturbed for another 16 minutes.
Open the Instant-Pot (you may have to use the steam release button). Pull out the bay leaves and the ham hock, discard them both.