Set your Instant Pot to "Sauté" mode and brown the ground beef with the diced onion until the meat is no longer pink, about 5-7 minutes. Add the garlic and cook for another minute until fragrant.
Drain any excess fat, then add the chili powder, cumin, paprika, salt, and pepper. Stir well to coat the meat in all those wonderful spices.
Add the crushed tomatoes, tomato paste, beef broth, kidney beans, and black beans. Give everything a good stir to combine.
Cancel the "Sauté" mode, secure the lid, and set the valve to "Sealing." Cook on high pressure for 15 minutes.
When the cooking time is complete, let the pressure release naturally for 10 minutes, then carefully quick-release any remaining pressure.
Remove the lid, give it a stir, and taste for seasoning. Serve hot with your favorite toppings like shredded cheese, sour cream, green onions, or tortilla chips!