Place the black-eyed peas into a large bowl. Cover with water and let them soak overnight, or at least 8 hours. (see note for a faster option)
Place a dutch oven over medium heat, and cook the bacon until crispy, about 15-20 minutes, stirring occasionally. Transfer the bacon to a paper towel-lined plate with a slotted spoon. Leave the bacon drippings in the pot.
Add the onion to the pot and cook until softened and translucent, about 10 minutes, stirring occasionally. Add the garlic and cook for 30 seconds until fragrant.
Add the seasoned salt, garlic powder, onion powder, thyme, pepper, and cayenne to the pot. Stir in the spices and cook for 30 seconds.
Add the black-eyed peas, chicken stock, and bay leaves to the pot, and stir it together. Bring to a boil, reduce to a simmer, and cover. Simmer the peas for 60-90 minutes, stirring occasionally. They are done when the peas are tender. Remove the bay leaves.
Add the butter and stir until it has melted into the peas. Stir in half the bacon. Give the peas a taste and add salt & pepper if needed. Serve with the remaining bacon and chopped parsley on top for garnish.
Notes
It is important to use unsalted chicken stock. You don't want the peas to be too salty, and you can always add more salt if needed later.
If you do not have time to soak the black-eyed peas overnight, you can do a “quick soak”. Add the peas to a large pot and cover them with water. Bring to a boil and cook for 2 minutes. Remove the pot from the heat, cover, and allow the peas to soak for 1 hour. Drain the water off, transfer the peas to a bowl, and continue with the rest of the recipe.
The peas are very lightly spicy. If you want more of a kick, double the cayenne or swap out for chipotle powder for a smokey spice. You can also add some of your favorite hot sauce.
The peas will thicken as they sit, so when you go to reheat them, you may need to add some water or more unsalted chicken stock to loosen them up. Reheat in the microwave or on the stovetop.