In your Pressure cooker, saute the capsicum, onion, carrots, garlic, celery and bacon in a little olive oil over medium heat until soft, about 5 minutes.
Ensure the peas are very well rinsed (or they can foam and block the release valve). Add peas, herbs and chilli (the kids won't taste it but it enhances the flavour). Add water, stir and bring to low simmer.
Push ham deep into the liquid. Close and lock the lid. Bring to pressure over medium heat. Occasionally agitate the pot slightly so it doesn't catch.
Once at pressure, reduce to low and gently simmer for 40 minutes.
Remove from heat and allow natural pressure release.
Remove the ham hock. Shred the flesh, discarding the bone, gristle and skin. Stir the flesh back through the soup and serve with crusty bread.
Notes
This can be cooked in a stockpot. The cooking time is 2 1/2 hrs.