Rinse the dried black beans and add them to a pressure cooker with the water, 1 1/2 tablespoons olive oil, and cumin.
Seal and cook on high pressure for 10 minutes. After cooking, strain the beans and reserve 5 cups of the cooking liquid.
In a large pot over medium heat, add the bacon pieces and cook until crispy, about 8 minutes.
Remove the bacon and set aside, keeping the bacon fat in the pot. Add the diced onion, green pepper, and minced garlic to the pot and sauté for 3 to 5 minutes until the vegetables are soft.
Stir in the washed and drained rice, along with 1 1/2 tablespoons of olive oil, into the pot with the sautéed vegetables and cook for 2-3 minutes. Pour in the reserved bean liquid and add the cooked beans. Season with the bay leaf, dried oregano, salt, and pepper.
Bring the mixture to a boil; then reduce the heat to low, cover, and simmer for about 20 minutes until the rice is tender and the liquid is absorbed.
Stir in the crispy bacon, let the dish sit for 5 minutes, adjust the seasoning as needed, then serve warm. Garnish with cilantro if desired.