In a large skillet, sauté bacon pieces until browned. Turn off heat. Remove bacon from pan to a paper towel-lined plate. Set aside.
Pour off all but 2-3 tablespoons bacon grease into a heat-proof glass container (pyrex or canning jar).
Return skillet to heat. Add onion and sauté until onion is clear.
Pour in black-eyed peas with their liquid, tomatoes, and seasonings. Simmer for 5-10 minutes.
Add cooked rice. Stir well. Heat through. Taste and correct seasoning. Add a little water if it gets too thick.
To cook one pound (16 ounces) dried black-eyed peas in the Instant Pot, sort and rinse dried peas. Place them in the insert. Cover with water level 2 inches above peas. Add a few tablespoons of diced onion, bay leaf, a tablespoon of olive oil, and a teaspoon of salt. Cook on High Pressure for 25 minutes and allow to natural release. Proceed with recipe.If you have time to soak the peas, sort and rinse them. Cover with water by about an inch. Even if you only have 20 to 30 minutes to let these soak, they will turn out better and cook more evenly in the end. After soaking, add a few tablespoons of diced onion, a bay leaf or two, a tablespoon of olive oil, and a teaspoon of salt. Then cook on High Pressure for 20 minutes and allow to natural release. The cook time goes down the longer you can soak. If these were soaked fully, you could decrease the cook time to 15 minutes at High pressure.