Turn on the Instant Pot to the Saute function. When hot add the bacon fat.
Saute the onions and celery until translucent. Add the thyme, bay leaf, bell pepper, paprika, salt, and pepper. Mix for about 30-40 seconds.
Add the broth, balsamic vinegar, and ham bone.
After rinsing the peas add them to the Instant Pot. Press Cancel and cover and lock the pressure cooker with the lid. Make sure the steam vent is in a closed position.
Press the Pressure Cook button and set the time to cook to 16 minutes. (For firmer peas cook 2-4 minutes less)
When cooking is complete let the pot sit unopened for 8 minutes. When 8 minutes have passed check to see if the pressure has naturally released. If the pressure has not naturally released, carefully release the remaining pressure. Discard the bay leaves and ham bone.
Serve and enjoy!