Place all ingredients in the Instant Pot®. Close lid, set steam release to Sealing, press the Chili button, and cook for the default time of 30 minutes.
When the timer beeps, quick-release the pressure, open lid, and stir well. If chili is too thin, press the Cancel button and then press the Sauté button and let chili simmer, uncovered, until desired thickness is reached. Serve warm.