Soften The Veggies. Press SAUTE mode and add olive oil to Instant Pot. Add onion and bell peppers, and saute 4-5 minutes, or until softened.
Build Flavor. Add garlic, chili powder, cumin, smoked paprika, chipotle chili powder, salt, and pepper. Stir 1 minute.
Combine. Press CANCEL to end SAUTE mode, then stir in beans, tomatoes, tomato paste, and vegetable broth. Stir to combine and make sure to scrape up any browned bits from the bottom of the pan.
Pressure Cook. Cover Instant Pot with lid and double check that the steam release handle is set to SEALING. Press PRESSURE COOK and set timer for 10 minutes. (It will take about 15 minutes to come up to pressure.)
Quick Release Steam. After 10 minutes, carefully perform quick release by switching steam release handle to VENTING. Allow pressure to release until pressure seal (float valve) drops down.
Garnish. Carefully open Instant Pot, stir in fresh cilantro and serve with your favorite toppings! Store leftovers in an airtight container in the fridge 3-4 days or freeze up to 2 months.