Set the multi-cooker to Sauté. Add butter and olive oil to multi-cooker. Add shallots and cook for one minute. Add garlic, leek, carrots, and celery and sauté until softened. Stir in bay leaf, thyme, smoked paprika, turmeric, salt, and pepper. Add ham hocks. Pour in broth. Bring to a simmer, then stir in split peas. Close and lock lid. Close vent. Set to Pressure Cook on high for 20 minutes.
Meanwhile, for the pancetta crouton topping, melt the butter in a large skillet over medium heat. Add garlic and pancetta and cook for three minutes. Stir in the bread pieces and toss until coated. Continue cooking and tossing until the croutons are golden brown and the pancetta is crisp, about four to five minutes. Stir in cayenne pepper. Remove from heat and reserve.
When the soup has finished cooking, allow the steam to release naturally for ten minutes, then quick release the rest by opening the valve, being careful to vent steam away from you.
Remove the ham hock bones and bay leaf. Transfer soup to serving bowls, sprinkle pancetta croutons over top, and drizzle with olive oil.