Set the Instant Pot to Saute mode. Add the ground beef and cook, breaking it apart, until fully browned, about 6-7 minutes. Drain any excess grease.
Add the diced onion, green bell pepper, and minced garlic. Saute for 3 minutes until the vegetables start to soften.
Stir in the chili powder, cumin, smoked paprika, oregano, cayenne pepper, salt, and black pepper. Cook for 1 minute until fragrant.
Add the crushed tomatoes, tomato paste, and beef broth. Stir well, making sure to scrape up any bits from the bottom of the pot. Stir in the kidney beans and black beans.
Lock the lid, set the valve to Sealing, and cook on High Pressure for 15 minutes.
Allow a natural pressure release for 10 minutes, then carefully turn the valve to Venting to release remaining pressure. Remove the lid once the pin drops.
Stir the chili well and taste for seasoning. Serve in bowls topped with shredded cheese, sour cream, and diced green onion.