Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Cook bacon, sausage, onion, and garlic for 3 to 4 minutes. Pour in broth and scrape any browned bits of the bottom of the pot. Stir in beans, bay leaves, salt, and pepper. Cancel saute mode. Close and lock the lid.
Select high pressure according to manufacturer's instructions and set timer for 40 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, about 20 minutes. Season to taste with additional salt and pepper.