Combine all ingredients in the inner bowl of Instant Pot or pressure cooker and stir well.
Place lid on and lock. Make sure the valve is set to "sealing." Turn on and select the bean/chili setting. Adjust the time to 20 minutes.
After the machine has completed the cycle, change the valve to "venting" and allow pressure to release. Stir chili and allow to cool slightly. Taste and season with salt and pepper if desired.