Set the Instant Pot to sauté mode. Add oil and heat for 1 minute. Add diced onion and cook for 3 to 4 minutes, stirring occasionally, until softened.
Add minced garlic and cook for 30 seconds until fragrant. Add ground beef and cook for 5 to 6 minutes, breaking it apart into small crumbles until fully browned. Drain excess fat if necessary.
Add chili powder, cumin, paprika, salt, and black pepper. Stir well to coat the meat evenly. Add tomato paste and cook for 1 to 2 minutes, stirring continuously to develop a deeper flavor.
Pour in a small amount of beef broth and scrape the bottom of the pot to release any browned bits. Add remaining broth, diced tomatoes, kidney beans, and black beans. Stir well to combine all ingredients evenly.
Secure the lid and set the valve to sealing. Select high pressure and set the timer for 10 minutes.
Once cooking is complete, allow the pressure to release naturally for 10 minutes. Carefully perform a quick release for any remaining pressure.
Open the lid and stir the chili. If a thicker consistency is desired, turn on sauté mode and simmer for 3 to 5 minutes. If thinner, add a small amount of broth. Adjust seasoning as needed before serving.