Place the Instant Pot on the saute' function. Add the garlic and onions. Cook for 2 minutes until the onions are soft.
Add the ground beef and spices. Use a large spoon or spatula to break down the beef into small pieces. Cook for 3-4 minutes until the beef is no longer pink.
Add the beef broth, Better Than Bouillon, red peppers, beans, tomato sauce, and diced tomatoes. Stir.
Place the lid on the Instant Pot and seal. Cook for 18 minutes on Manual > High-Pressure Cooking.
When the Instant Pot indicates it has finished, quick release the steam.
Remove the chili from the pot. Serve in bowls loaded up with your favorite toppings!