Turn on a multi-functional pressure cooker (such as Instant Pot(R)) and select Saute function. Cook bacon until the fat begins to render, about 3 minutes. Add onion and continue cooking until bacon is browned, about 5 minutes more. Add garlic and cook for 1 minute. Stir in black beans, diced tomatoes with their juices, jalapeno, and salt.
Close and lock the lid. Select low pressure according to manufacturer's instructions; set timer for 20 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove the lid.
Select Saute function again; stir the beans to break them up and allow some of the liquid to evaporate, about 5 minutes.