In the Instant Pot, select the sauté function. Add olive oil and allow it to heat up.
Add the diced onion, bell pepper, and celery. Sauté for about 5 minutes until the vegetables are softened.
Stir in the minced garlic, smoked paprika, oregano, cayenne pepper, black pepper, and salt. Cook for an additional minute until fragrant.
Add the rinsed red beans, chicken broth, rice, and bay leaf. Stir to combine.
Close the lid of the Instant Pot and set the valve to sealing. Select the manual or pressure cook setting and cook on high pressure for 35 minutes.
Once the cooking time is complete, allow for a natural release for 10 minutes, then carefully switch the valve to venting to release any remaining pressure.
Open the lid and remove the bay leaf. Stir the mixture gently to combine.
Serve hot, garnished with sliced green onions and a dash of hot sauce if desired.