Set Instant Pot to SAUTE. Once hot, add bacon and cook until brown and crispy, about 4-5 minutes. Add turkey or sausage and cook for 2-3 minutes. Remove bacon and sausage mixture, set aside.
Add onion, celery, garlic, jalapeno, thyme, bay leaf, and sauté 1-2 minutes or longer.
Add broth and scrape any browned bits from the bottom of the pot. Stir in black-eyed peas and collard greens and bacon and sausage. Season with creole seasoning, paprika, salt, and pepper to taste.
Cook on high pressure for 15 minutes: Press the PRESSURE COOK button, making sure the “High Pressure” setting is selected, and set the time. Note that it takes about 10 minutes for the pot to “preheat” and come up to pressure before it starts cooking. (During cooking, avoid touching the metal part of the lid.)
Let it release pressure naturally for 10 minutes. And then manually release the rest of the pressure.
Set to sauté mode and adjust to the correct consistency.
Remove the bay leaf. Taste and season with creole seasoning and salt and pepper, if needed. Serve with rice.