Set the Instant Pot to 'Saute', and heat until “hot.” Add the ground beef, onion, and green pepper. Cook until the beef is completely browned. Transfer the meat mixture to a colander to drain well.
While the meat drains, pour the beef broth into the electric pressure cooker and gently scrape the bottom with a wooden spoon to deglaze the pot.
Return the meat mixture to the Instant Pot. Add the beans and seasonings to the meat mixture. Stir to evenly distribute the ingredients.
Pour the canned tomatoes over the top and dot with tomato paste. Do not stir.
Place the lid on the pressure cooker and set the valve to 'Sealing'. Set the Instant Pot to pressure cook on “manual” or “pressure cook” for 25 minutes.
When the cooking cycle has completed, perform a quick release. Remove the lid and stir the chili before serving