Set the Instant Pot to saute mode and add 2 tablespoons of olive oil to the pot. Allow it to heat until the oil is rippling then add the onion, red pepper and garlic and saute for 2-3 minutes. Add the ground beef and brown for 3-4 minutes, or until no pink remains.
2 tablespoons olive oil, 1 medium yellow onion, 1 red bell pepper, 3 cloves garlic, 1 1/2 lb ground beef
Add the tomatoes, tomato paste, fire roasted corn, black beans, spices and beef broth and stir to combine. Lock the lid into place and seal the vent. Set to Pressure Cook (manual cook) for 8 minutes. It will take a few minutes for the Instant Pot to come to pressure then it will start counting down. When the time is up, allow the soup to Naturally Release (do nothing) for 10 minutes, then Quick Release the pressure valve with the handle of a wooden spoon until the soup has vented all the way.
1/4 cup tomato paste, 1 (10-oz) can diced tomatoes with green chiles, 1 (15-oz) can black beans, 1 (15-oz) can fire roasted corn, 2 teaspoons chili powder, 1 1/2 teaspoons smoked paprika, 1 teaspoon cumin, 1 teaspoon Kosher salt, 3 cups beef broth