Place the chopped bacon into the pot of your electric pressure cooker. Cook and stir for 5 minutes using the Saute feature, as it begins to release grease and cook a bit. Stir in the shallots, California Figs, salt, and pepper. Saute for an additional 3 minutes, stirring to combine.
Cover and set the release valve to seal, cooking on high pressure for 10 minutes. Adjust the release valve to vent. Once the steam has fully escaped, open the pressure cooker and stir the fig bacon mixture.
Repeat step 2 two more times, stirring after each batch—you will cook the bacon mixture a total of 30 minutes in the electric pressure cooker.
Stir in the vinegar. Transfer the fig bacon mixture to a food processor and pulse until chunky for more of a relish or about 10 pulses for jam.