Combine all ingredients into the liner of the pressure cooker and stir. Secure lid on pressure cooker and make sure valve is in the closed position.
Use the Bean/Chili setting for 50 minutes (or HIGH pressure). Let the pressure naturally release when finished cooking for 30 minutes, then carefully release the pressure the rest of the way.
Remove the ham bone from the pressure cooker and shred any meat and return it to the pot. Discard the bones and cartilage along with the two bay leaves.
This recipe was tested in an 8 quart instant pot, but should work in a 6 quart as well.*Total time reflects the time it takes pot to come to pressure and for pressure to release.**SLOW COOKER INSTRUCTIONS - Soak your beans overnight in a few inches of cold water. Drain the beans and add to your slow cooker. Add remaining ingredients and cook on LOW for 8 to 10 hours. Remove ham bone and shred any ham and return to slow cooker. Discard bone and bay leaves.