Set the Instant Pot to 'Sauté' mode. Add olive oil and let it heat up for a minute.
Add the diced onion and minced garlic to the pot. Sauté for 3-4 minutes until the onion is translucent.
Stir in the ground beef and cook until it is browned, breaking it up with a wooden spoon (about 5-7 minutes).
Drain any excess grease if necessary.
Add the kidney beans, black beans, diced tomatoes (with their juices), beef broth, chili powder, cumin, smoked paprika, salt, and pepper to the pot. 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' on the Instant Pot and set the timer for 15 minutes.
Once the cooking time is complete, allow for a natural pressure release for about 10 minutes, then carefully switch the valve to 'Venting' to release any remaining pressure.
Open the lid and stir the chili. Taste and adjust seasoning if necessary.
Serve hot with optional toppings like shredded cheese, sour cream, and chopped green onions.