With fingers, tear the chorizo into small chunks. Add it to the instant pot along with the cooking oil. Press the Sauté button, then adjust the temperature dial to medium.
Sauté the chorizo in the oil, without a lid, until it becomes slightly crispy on the edges, stirring often.
Once the chorizo is almost fully cooked, add the onion and continue to sauté until the onions are soft and transparent. Stir in the garlic.
Add the beans and bay leaves to the pot and wait a moment to let the beans absorb some of the heat and prevent the broth from splattering when it hits the hot pot.
Add the New Mexico Chimayo Chile Powder and stir.
Add the broth to the pot, stir briefly to combine, then place the lid on the Instant Pot. Select high pressure and set the time button to 40 minutes.
After the beans have cooked 40 minutes, let the pressure natural release for 5 minutes.
Press the steam release to quick release and remove the remaining steam. Once the pressure valve has fallen, remove the lid. Discard the bay leaf. Add the undrained tomatoes and stir to combine.
Change the setting to Sauté, medium heat level. Let the mixture simmer, stirring often, until the beans are very tender and the liquid has thickened.
Stir in the cider vinegar and remove to a serving bowl.
Serve the beans with tortillas, tortilla chips, or over a bowl of rice, and with optional toppings like cheese, cilantro, green onions, or finely diced red onion.