Set up the pot. Choose Sauté (Normal) on the Instant Pot.
Add oil and let it heat until shimmering.
Brown the beef. Add ground beef and break it up with a spoon. Season with a pinch of salt and pepper. Cook until mostly browned, about 5–7 minutes.
If there’s excess grease, drain a bit, leaving some for flavor.
Sauté aromatics. Add onion, bell pepper, and jalapeño. Cook 3–4 minutes until softened. Stir in garlic and cook 30 seconds until fragrant.
Build the base. Stir in tomato paste and cook 1 minute to caramelize slightly.
Add chili powder, cumin, smoked paprika, oregano, cocoa (if using), and a pinch of red pepper flakes or cayenne. Toast the spices for 30 seconds.
Deglaze. Pour in the beef broth and scrape up any browned bits from the bottom to prevent a burn warning.
Add tomatoes and season. Stir in crushed tomatoes, remaining salt, and black pepper. Mix well to combine.
Pressure cook. Cancel Sauté.
Seal the lid and set to Pressure Cook (High) for 12 minutes. Make sure the valve is set to Sealing.
Release pressure. Let the pressure release naturally for 10 minutes, then quick release any remaining steam.
Finish and adjust. Open the lid and stir. Add 1 to 2 teaspoons of apple cider vinegar to brighten.
Taste and adjust salt, pepper, or heat as needed. If you want it thicker, simmer on Sauté for a few minutes to reduce.
Serve. Ladle into bowls and top with shredded cheese, a dollop of sour cream, avocado slices, and fresh cilantro or green onions.