Set a large soup pot over medium-high heat and add the olive oil. When the oil is hot, add the onion and carrots. Cook for 2 minutes, stirring frequently until softened.

Stir in the pinto beans with liquid, chicken-style broth, garlic powder, oregano, thyme, black pepper, and bay leaf. Bring just to a boil then reduce the heat to a simmer. Cover and cook for 20 minutes. Remove and discard the bay leaf.

Use a potato masher or immersion blender to mash about 1/4 of the beans. Adjust seasoning to taste.

To serve, ladle into soup bowls, sprinkle with cilantro, and serve hot.