Turn on the Sauté setting. When hot, add the oil and the onion. Cook, stirring occasionally, until the onion starts to turn translucent.
Add the bay leaves and the garlic. Cook, stirring constantly, for 20 seconds.
Add the remaining ingredients to the pot. Cancel the sauté setting.
Close the lid and set the steam release knob to the Sealing position.
Press the Pressure Cook/Manual button, and then the +/- button to select 16 minutes. High Pressure.
When the cook cycle has finished, turn off the pot and let it sit undisturbed for a 15 minute natural release. Then turn the steam release knob to the Venting position to release the remaining pressure.
When the pin in the lid drops back down, open the lid.
Remove the bay leaves and discard. Then remove the ham hocks and get the meat off of the bones. Add the meat back into the pot.
Taste and add a little salt, if needed.
Serve alongside some cornbread. You can also serve over rice for a Hoppin' John style meal.