Turn Instant Pot on "Sauté”. Add olive oil, then add ground beef. Break up beef into small chunks and cook until lightly browned. Add onions and garlic. Cook onions and garlic until fragrant and soft.
Add tomato sauce, beans, chili powder, cumin, oregano, salt and pepper. Stir the mixture.
Close the lid and pressure cook on high pressure for 10 minutes . (These are the steps we did for our Instant Pot: Close the lid and close the Pressure Release Valve. Press "Cancel" to stop the "Sauté" setting. Press the "Manual" button. Set the time to 10 minutes.)
After the cooking time is complete, press "Cancel" and carefully release the pressure. Carefully taste the chili and season with additional salt and pepper if needed. Serve with your favorite toppings.