Rinse and drain the jackfruit, then use your fingers to pull the pieces apart so that it looks like shredded pork.
Add the shredded jackfruit, along with the rest of the ingredients to the Instant Pot and stir to combine. Secure the lid, close the pressure valve, and cook for 4 minutes at high pressure. Let the pressure release naturally for 10 minutes, then switch the valve to "venting" to quick release.
Give everything another stir and remove and discard the bay leaf. At this point you can serve the jackfruit carnitas or store it in an airtight container in the refrigerator for up to 7 days.