Press Saute to turn on saute setting on Instant Pot. Add the olive oil and heat until hot. Add the onion and cook for 2 minutes, until onion starts to soften.
Add the ground beef and cook, stirring to crumble the meat, until beef is browned, about 5 minutes.
Stir in the garlic and then press Cancel to turn off the pot.
Add the bell pepper, chili powder, cumin, dried oregano, garlic powder, brown sugar, salt, pepper, tomato paste and broth to the pot. Stir and scrape up any bits that are stuck to the bottom of the pot.
Add the crushed tomatoes and beans on top of the other ingredients and DO NOT STIR the tomatoes or beans in. This will help to prevent you from getting a burn warning during pressure cooking.
Close the Instant Pot lid and turn the steam release valve to the sealing position. Pressure cook on high pressure for 15 minutes. The Instant Pot will take some time to reach pressure and then the cook time will start counting down.
When the cook time ends, let the pressure release naturally for 10 minutes by leaving the Instant Pot alone. Then quick release the remaining pressure by carefully turning the steam release valve to the venting position using the handle of a long spoon. Once the steam finishes escaping and the pin drops down, open the Instant Pot lid.
Stir chili and serve with toppings, as desired.