Put pinto beans into a large bowl and cover with water. Gently swoosh the beans around with your hands and check for any rocks or foreign objects and then drain the water off. Set aside.
Set Instant Pot to sauté and add olive oil. Once heated add onion and garlic. Sauté about 1 minute. Add in spices along with salt and pepper and stir until fragrant.
Add in pinto beans and water and seal Instant Pot. Set to "Beans/Chili" function and ensure cook time is set to 35 minutes.
When beans are done cooking let them slow release and ensure safety valve is down before opening.
Drain the beans over a large bowl to save the liquid. Put beans back into the pot and add two to three ladles of liquid.
Use an immersion blender on the bean mixture until it reaches desired consistency. You may need to add more liquid.
Once finished, set the pot back to sauté and allow the beans to cook for an additional 5 minutes, stirring constantly.
Scoop into a bowl and garnish with sliced jalapeños and chopped cilantro. Serve with tortilla chips and salsa.