Rinse the 1 pound black-eyed peas in a colander and set aside.
Heat the 2 tablespoons vegetable oil in the Instant Pot on sauté mode. When the oil is shimmering, add the 2 pounds pork shoulder roast in small batches. In order to get a nice sear, I divided my pork into three batches. Allow to cook without stirring until the bottom is golden brown, then transfer to a plate. You do not want to cook the pork; just make one side nice and crispy. Continue with remaining pork until complete.
Add the 1 medium onion, 2 ribs celery, 1 bell pepper, 1 jalapeno, and 4 cloves garlic to the Instant pot and cook, stirring while scraping up any bits stuck to the bottom, until lightly browned, about 6 to 8 minutes. The total cooking time for the pork and the vegetables was about 30 minutes for me.
Add the remaining ingredients except for the black eyed peas (1 tablespoon kosher salt, 1 teaspoon freshly cracked black pepper, 1 teaspoon garlic powder, 4 cups chicken stock, 2 teaspoons vinegar based hot sauce, 3 bay leaves) and the browned pork along with any juice from the plate back to the Instant Pot. Attach the lid, lock, and cook on high pressure for 10 minutes.
Quick release the pressure. Add the black eyed peas, stir, and then close lid and cook on high pressure for 15 minutes. Allow pressure to naturally release for 15 minutes, then release remaining pressure and open the lid. Discard bay leaves. Add additional salt, if desired. Serve and enjoy!
Notes
Unlike many black eye pea recipes, you do no need to soak them ahead of time. Just a thorough rinse when using the Instant Pot.