Press the “Sauté” button on the Instant Pot, and add the oil, onions and garlic. Saute for 2 minutes, then add the ground beef to the pot and cook until brown.
Add the remaining ingredients and mix well.
Secure the lid, close the pressure valve and cook for 35 minutes at high pressure.
Once the chili is done, you can either naturally release pressure or use the quick release if you're in a rush.
Top with crumbled bacon if desired and serve.