Hit SAUTE on the Instant Pot, and when display reads HOT, add the olive oil and ground beef
Break up beef with a spatula, and cook until no longer pink.
Stir in salt, pepper and chili powder
Add onions and peppers, and stir until slightly soft, then hit CANCEL
Add water or beef broth, and stir to deglaze bottom of pot. Add kidney beans, diced tomatoes, then the tomato sauce, but do not stir
Cover, turn vent to SEALING, and hit PRESSURE COOK, or manual, for 10 minutes
When pot beeps, allow a natural pressure release for 5 minutes, then hit CANCEL, and quick release remaining pressure
Stir, and serve with your favorite toppings!