Set the Instant Pot to sauté and add the oil. Once the oil has heated, add the onion, red bell pepper, and garlic. Cook for 3-5 minutes, stirring frequently, until the onions are translucent.
Add the tomato paste cook for 30 seconds, stirring frequently to cover the onion mixture with the tomato paste.
Add the beef and salt. Brown the meat, breaking it up into pieces as it cooks for 3-5 minutes. * The meat does not need to be cooked all the way, as it will continue to cook while under pressure.
Stir in the chili powder, oregano, cumin, paprika, cinnamon, and cayenne (if using).
Add the diced tomatoes, carrots, and broth (if using). Stir to fully combine all the seasoning and liquid.
Cover and cook on high ‘manual’ heat for 15 minutes.
Let the pressure release naturally, or if you are in a hurry you can quick 'manually' release the pressure.
Serve with your favorite sides and toppings.