In a 6-quart electric pressure cooker, heat the oil over medium-high heat or using the sauté function. Stir in the onion, bell pepper, chile powder, cumin and oregano and cook, stirring frequently, until the onions begin to soften, about 1 minute.
Add the stock, beans, chorizo, garlic, and bay leaves.
Lock the lid in place. Cook on high pressure for 30 minutes.
Allow the pressure to come down naturally, about 15 minutes. Carefully remove the lid, tilting it away from you to allow the steam to escape.
Discard the bay leaves and stir well, and add salt to taste. The soup will thicken on standing. If still too thin, mix 1 Tbs. cornstarch with 2 Tbs. water, add to the soup and stir to thicken.
Ladle the soup into serving bowls and add toppings.