Set your Instant Pot to the sauté function. Once it heats up, add the ground beef. Cook until browned, breaking it up with a wooden spoon, about 5 minutes. Drain excess fat if necessary.
Add the diced onion, bell pepper, and minced garlic to the pot. Sauté for another 3-4 minutes until the vegetables are softened.
Stir in the diced tomatoes, kidney beans, black beans, chili powder, cumin, paprika, salt, and pepper. Mix thoroughly.
Pour in the beef broth and give everything a good stir to combine.
Close the Instant Pot lid and ensure the pressure valve is set to 'sealing.' Select the manual or pressure cook setting and set the timer for 15 minutes.
After the cooking time is complete, allow for a natural release for 5 minutes, then carefully quick-release any remaining pressure.
Carefully open the lid, stir the chili, and taste for seasoning. Adjust salt and pepper if needed.
Serve hot, topped with your choice of cheese, sour cream, or green onions.