Set Instant Pot to SAUTE. Once hot, add bacon and cook until brown and crispy, about 4-5 minutes. Add sausage and cook for 2-3 minutes.
Add onion, celery, garlic, jalapeno, thyme, bay leaf and saute 1-2 minutes longer.
Add broth and scrape any browned bits from the bottom of the pot. Stir in black eyed peas and collard greens.
Cover and seal the lid - turn the vent to sealing. Hit CANCEL then press the MANUAL (high pressurbutton and set the timer for 30 minutes. It will take about 15 minutes for Instant Pot to come to full pressure, then the display will show a countdown timer.
Once the 30 minutes are up, allow the pressure to release naturally for 10 minutes, then release any remaining pressure.
Remove the bay leaf. Taste and season with creole seasoning and salt and pepper, if needed. Serve with rice.