Heat Instant Pot using the saute feature.
Once screen reads hot, add in the olive oil.
Add in the onion and allow to cook until softened.
Sprinkle in the chili powder, cumin, oregano, and minced garlic, stirring to incorporate.
Pour in the chicken broth and rinsed beans, giving it a stir to combine.
Place lid on Instant Pot and ensure valve is in sealing position.
Turn off saute function and cook manual, high pressure, for 50 minutes.
Once timer goes off, allow a natural pressure release for 25 minutes, followed by a quick release if pin hasn't dropped.
Strain the bean liquid into a container and use a potato masher to mash beans.
Add desired amount of salt and liquid strained from beans until desired texture/consistency is reached.
Serve garnished with cheese and jalapeno if desired!