Set the Instant Pot to sauté mode. Once hot, add chopped bacon and diced ham.
Cook bacon and ham for 8-10 minutes, until some of the bacon fat is rendered. Turn off the heat and remove all but about 2 tablespoons of fat from the pot.
Add the remaining ingredients to the pot; stir well. Lock on the lid and set the Instant Pot to manual, high pressure, 10 minutes.
Once the cook cycle is over, allow the pressure to naturally release for 10-15 minutes. Manually release the remaining pressure and stir the peas.