Select the sauté setting for your Instant Pot. When the display reads "hot" add the ground beef and cook until fully browned, breaking up the meat into small crumbles as it cooks. When the meat is fully browned, drain the fat and set the beef aside in a bowl.
Return the liner to the Instant Pot and add ½ tablespoon of olive oil. Toss in the finely chopped onions and smashed garlic cloves. Cover with a standard pot lid until translucent and then lightly browned. This is where a ton of great flavor comes from so you won’t want to skip this step!
Pour in all of the rest of the ingredients and stir until fully combined, making sure the meat is broken up into small bits and pieces.
Double check the seal and twist on the locking lid then cancel the sauté setting and select manual mode, high pressure for 8 minutes.
When the pot beeps and the pressurized cook time has ended, let everything natural pressure release for 2-4 minutes before carefully opening the release valve. If a lot of starch begins to spray, close the valve and wait a few more minutes before trying again.
Stir the chili from the bottom to the top and let cool for a few minutes while you get your toppings around. Spoon into your favorite bowls, top and enjoy!