Set the Instant Pot to 'Sauté' mode. Once hot, add the ground beef. Cook until browned, about 5 minutes, breaking it up with a spoon as it cooks.
Add the diced onion, minced garlic, and diced bell pepper to the pot. Sauté for an additional 3-4 minutes until the vegetables soften.
Add the black beans, kidney beans, diced tomatoes, chili powder, ground cumin, smoked paprika, salt, pepper, and beef broth. Stir well to combine all the ingredients.
Close the lid of the Instant Pot, ensuring the valve is set to 'Sealing.' Select 'Manual' or 'Pressure Cook' and set the timer for 12 minutes.
After cooking is complete, allow for a natural release for 10 minutes before switching the valve to 'Venting' to release any remaining pressure.
Carefully open the lid and give the chili a good stir. Adjust seasoning to taste if necessary.
Serve hot in bowls with optional toppings such as shredded cheese, sour cream, or green onions.