Add black eyed peas, vegetable broth, water and salt to the Instant Pot. Lock the lid of the Instant Pot. Place the pressure release handle (vent) in the “Sealing” position.
Cook on high pressure 15 minutes: Press the Pressure Cook button, making sure the “High Pressure” setting is selected, and set the time. Note that it takes about 10 minutes for the pot to “preheat” and come up to pressure before it starts cooking. (During cooking, avoid touching the metal part of the lid.)
Natural release for 15 minutes (side dish) or 10 minutes (for salads): After the Instant Pot beeps, set a timer and wait for 15 minutes to let the Instant Pot naturally release pressure. Then vent any remaining steam by moving the vent to “Venting”, covering your hand with a towel or hot pad. Never put your hands or face near the vent when releasing steam. (The pressure indicator in the lid may drop on its own during this time, meaning that there is no remaining steam in the pot.)
Flavor the beans: Open the lid of the Instant Pot. (If you’re planning to use the peas in a recipe like Texas caviar or black eyed pea salad, drain them into a strainer.) There will be more water than you think left in the pot, but you’ll use this to create a creamy sauce. Grate the garlic clove into the pot, then stir in the smoked paprika, oregano, onion powder, and the butter, (if using). Stir continuously for a few minutes until a creamy sauce forms.