Turn on a multi-functional pressure cooker (such as Instant Pot) and select the Sauté function. Add oil and heat until shimmering. Add onion and yellow pepper; cook and stir until translucent and soft, about 5 minutes.

Add garlic, chili powder, cumin, oregano, salt, pepper, and chipotle powder. Cook and stir until fragrant, about 1 minute. Add broth, beans, and chile peppers. Close and lock the lid. Select high pressure according to the manufacturer’s instructions; set the timer for 40 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the natural-release method according to the manufacturer’s instructions, about 25 minutes. Unlock and remove the lid.

Use a stick blender to blend beans until thick and creamy. Season with garlic salt.

Ladle into bowls and serve with pico de gallo, red bell pepper slices, and lime wedges.