On the Instant Pot, press on the SAUTE button and let the pressure cooker preheat. When the message HOT is displayed, add the olive oil and brown the beef breaking it up as you go until it's all brown and no longer pink (about 3 minutes). Drain excess fat and return the stainless steel insert with the beef to the instant pot.
Add diced onion, bell pepper, jalapeno, and garlic and cook for 3 minutes so the onion softens. Switch OFF the Instant Pot/saute setting.
Add tomato paste, chili powder, cumin, oregano, garlic powder, beef broth, diced tomatoes, kidney beans, pinto beans, black beans, salt and pepper. Give everything a good stir.
Cover the Instant Pot with the lid and set the valve on SEALING position. Press on PRESSURE COOK or MANUAL on high for 15 minutes. Allow the Instant Pot to come to pressure, and cook. Once the cooking has finished, quickly release the steam (If you leave it to naturally release the steam, that’s also ok).
Carefully remove the lid (away from your face, the steam will be hot). Serve with your favorite toppings.