Turn your Instant Pot to the saute function and add the oil. Once the oil is hot, add the onion and pepper. Saute for 2 - 3 minutes until the onion starts to turn translucent.
Add the remaining ingredients and give it a quick stir. Secure the lid, making sure the pressure valve is sealed and turn to pressure cook.
Set the Instant Pot to high pressure and put the timer to 12 minutes. Allow the Instant Pot to turn on and come to pressure.
Once the timer is finished, allow the pressure to naturally release for 15 minutes, then release the rest and remove the lid.
Give it a stir and if the chili feels a bit thick, stir in another cup or so of broth. Serve immediately and garnish with your choice of toppings! (I like sliced jalapeno, cilantro, avocado, and corn chips!)