In a colander, rinse pinto beans well and set aside.
Turn a 6-quart Instant Pot to SAUTE. Add the oil. Once the oil is hot, add the onions and jalapeno and saute for 2 minutes. Add garlic and saute until fragrant.
Add some splashes of chicken broth to the pot and scrape along the bottom to remove any stuck-on bits of food. Add the remaining broth, water, bay leaves, salt, cumin, oregano, cayenne, and the rinsed and drained beans. Stir to combine.
Seal the Instant Pot. Cook on HIGH for 45 minutes. When the 45 minutes of pressure cooking has finished, let the pressure released naturally for 25 minutes. Vent to release remaining pressure. Carefully open the lid.
Discard the bay leaves. Reserve 2 cups of the liquid inside the pot and drain the remainder.
Return the beans to the pot. Using an immersion blender, puree the beans until they reach the desired consistency, adding some of the reserved liquid as needed.
Taste and adjust seasoning as desired.