Set your Instant Pot to the high sauté function. Add ground beef and cook until browned and no longer pink, using a wooden spoon to crumble beef while it is cooking. Carefully transfer beef to a colander to drain off fat.
Still using the high sauté function, add olive oil to pot. When olive oil is heated, add green pepper and onions. Cook for 3 minutes, stirring frequently. Add garlic and cook an additional 30 seconds.
Return ground beef to pot. Add beef broth, diced tomatoes with juices, tomato paste, chili powder, red pepper flakes, oregano, cumin, salt, pepper, bay leaves, dark red kidney beans, light red kidney beans and black beans. Stir to combine.
Turn instant pot off. Place the lid on and lock. Steam release knob should be set on "sealing".
Cook on manual setting (high pressure) for 12 minutes. Allow the pressure to naturally release for 10 minutes, then quick release remaining pressure.
Carefully remove lid and stir. Remove and discard bay leaves. Serve with your favorite toppings.