Turn Instant Pot on to brown/saute function.
Add the olive oil.
Add the onion and red bell pepper and cook until slightly softened, about 5 minutes.
Add the garlic, and cook one more minute. Turn off brown/saute function.
Add the chili powder, cumin, smoked paprika, oregano, salt, and cayenne pepper and stir to combine.
Add the diced tomatoes, crushed tomatoes, beans, and broth/water, and stir well to combine.
Place the lid on the Instant Pot and seal the vent.
Cook on high pressure for 8 minutes.
Let the pressure naturally release for 5 minutes and then release completely.
Serve topped with the suggested toppings, and with tortilla chips or cornbread.
Enjoy!