Place black-eyed peas into a large container and cover with several inches of cool water; let soak at room temperature - for 8 hours to overnight. Drain and rinse; set aside.
Blend onion, tomatoes, and garlic cloves using a blender to make a thick tomato puree.
Heat olive oil in a pressure cooker over medium heat. Add cumin seeds and bay leaf and stir until it gives an aromatic fragrance.
Pour tomato puree and stir until dried. Then, add soaked black-eyed peas, pepperoncini, garlic powder, thyme, salt, and pepper.
Add water and close the lid of the pressure cooker.
After one whistle, simmer the heat for 10 minutes. Then turn off the heat.
Serve hot.