Set pressure cooker to "sear", add oil, and press start/stop. When oil is hot, add onion, bell pepper, and garlic. Sauté until onion is translucent, about 5 minutes.
Add peas, chicken stock, Tabasco sauce, and ham hocks.
Close and lock lid, set pressure cooker to "beans", and adjust time to 5 minutes. Press start/stop.
When done, allow pressure cooker to naturally release pressure for 25 minutes then do a quick release. Make sure all pressure is released before opening lid.
Carefully open lid and check seasoning. Add salt and pepper, if needed.