Turn your Instant Pot to sauté mode. Add chopped onion and minced garlic, stirring frequently for about 3-4 minutes, until the onions become translucent.

Add the ground beef, breaking it apart. Cook for approximately 5-7 minutes until browned and fully cooked.

Stir in chili powder, smoked paprika, salt, and pepper. Sauté for 1-2 minutes until fragrant.

Blend in tomato paste and crushed tomatoes, mixing until no lumps remain. Cook for another 2-3 minutes.

Pour in the beef broth, stir, then add rinsed beans and diced bell peppers. Mix well.

Secure the lid on the Instant Pot and set to pressure cook on high for 20 minutes.

Once cooking is complete, allow for a natural pressure release for about 10 minutes.

Open the lid, stir the chili, and adjust seasoning if necessary. Serve hot with toppings of your choice.