Rinse and sort your beans. Add them to the Instant Pot. If using a slow cooker or dutch oven see recipes notes for cooking times.
Cover the beans with 8 cups of water. Add in the tomato paste, garlic powder, smoked paprika, and onion powder.
Set the Instant Pot for 35 minutes. Seal. Allow for natural release.
While the beans cook, put the bacon into a non-stick pan and cook over medium heat until crispy. Once cooled, cut into bite sized pieces. Set aside.
Cut the carrots into small, bite sized cubes. Add oil to a pan or use some of the bacon fat from cooking the bacon. Cook the carrots over medium heat until they are soft and have taken on some color. Set aside.
Remove the lid from the Instant Pot, slow cooker, or dutch oven. Ladle out 2 cups of the soup. Include both beans and the liquid. Puree til smooth with a food processor or stick blender. Add back to the soup. Stir to combine.
Add the carrots and bacon to the soup. Salt to taste and enjoy.