Set the Instant Pot to the Sauté function and add the extra-virgin olive oil. Once the oil is heated, add the chopped onion and cook, stirring occasionally, until the onion softens, approximately 5 minutes. Incorporate the finely chopped garlic and continue to sauté until fragrant, about 1 minute longer. Mix in the tomato paste until fully combined.
Add the ground beef to the pot, breaking it apart with a wooden spoon, and cook until the meat is no longer pink, roughly 7 minutes. If necessary, drain any excess fat.
Return the insert to the Instant Pot and add the black beans, kidney beans, diced tomatoes, beef broth, chili powder, oregano, cumin, and cayenne. Season with salt and freshly ground black pepper. Secure the lid and set the Instant Pot to Pressure Cook on High for 14 minutes.
Once cooking is complete, follow the manufacturer's instructions for a slow release, then remove the lid carefully.
Divide the chili into bowls and garnish with your preferred toppings such as shredded cheddar, sour cream, Fritos, and sliced scallions. Serve hot and enjoy the rich, comforting flavors of this Instant Pot chili.