Turn Instant Pot to sauté setting and add oil into the pot.
Add onion, garlic, red bell pepper, thyme, Italian seasoning, allspice, cayenne pepper, vegetable bouillon.
Cook stirring until onion is soft and fragrant.
Add black beans, water, coconut milk.
Place cover on Instant Pot, turn the lid to the closed position and set the timer for 45 minutes if unsoaked or 30 minutes if black beans are presoaked.
Allow pressure to release naturally for 20 minutes.