Set the Instant Pot to Saute, Normal Temperature. Once hot, add the olive oil.
Add the ground beef and brown, making sure to crumble as you go. Once the beef is browned, add all the seasonings. Stir to combine the ingredients.
Press the Cancel button. Splash in a small amount of beef stock and scrape up any browned bits on the bottom of the pot.
Add the beans and vegetables to the beef, and stir to combine.
Pour the can of tomatoes and beef broth on top of the other ingredients. DO NOT STIR. The liquid remaining on top of the ingredients is what will help the pot come to pressure. Add the bay leaves.
Lock the lid and set to Sealing. Set to Manual, High Pressure, for 6 minutes.
Carefully perform a quick release (use a hot pad holder or towel) when the time is up and before opening the lid.
Remove the bay leaves and serve. Taste the chili and add more salt, if needed. (Optional) Top with sour cream or Greek yogurt, shredded cheese, or cilantro. Another idea is to serve the chili over noodles.