Add all ingredients (except toppings) to the Instant Pot, and place the lid on top, with the vent set to "sealing."
Cook the soup on manual high pressure for 40 minutes, and let the pressure naturally release (Note: this soup took a while to come to pressure and to naturally release: plan on the whole cooking time being over an hour, FYI).
After the pot is depressurized, remove the lid, and carefully remove the bay leaves. (I used tongs). Note: soup will thicken as it sits.
Serve with desired toppings: squeeze of lime, cilantro, diced avocado, green onions, tortilla chips, etc.
Note: this soup took a while to come to pressure and to naturally release: plan on the whole cooking time being well over an hour (about an hour and 20 minutes).