Turn on the Instant Pot and put on SAUTE mode. Add the olive oil to the pot and then add the diced onions and ground beef. Saute until the meat is browned and onions are translucent. Add the garlic and saute for 1 more minute.
Add the beef broth and scrape the bottom of the pot with a wooden spoon to deglaze.
Turn off the Instant Pot. Add the tomato sauce, chili powder, cumin, smoked paprika, cocoa powder, sugar, salt, pepper, and beans to the pot. Stir slightly and then place the lid on the Instant Pot. Make sure the valve is set to SEALING and is closed.
Set the Instant Pot on MANUAL for 20 minutes.
Once the Instant Pot comes to pressure, and then counts down to 0 and beeps, QUICK RELEASE the steam. Remove the lid and stir to combine the ingredients.
Serve with cornbread, cheese, sour cream, green onions, over fritos, or however you desire.
Notes
Instant Pot Notes:The Instant Pot takes awhile to come to pressure. Usually about 10-15 minutes.Ingredient notes:You can use whatever kind of beans you want. I used ranch style and chili beans. Ranch style beans and chili beans both have chili-like spices added to them. So if you use something a little more basic like kidney beans or black beans, you may want to use a couple more teaspoons of chili powder.