Set the pressure cooker to sauté mode and add the oil. Once shimmering, add the chopped onion and cook until fragrant and translucent, about 3 minutes, with a gentle sizzle and softening aroma.
Add the minced garlic and cook for another 30 seconds until fragrant, stirring constantly to prevent burning.
Stir in the ground beef, breaking it apart with a spatula, and cook until browned and no longer pink, about 5 minutes. The beef should sizzle as it cooks, and the mixture will turn a rich brown.
Add the cumin and smoked paprika, stirring well to coat the meat and vegetables evenly. The mixture will become fragrant with warm spice aroma, and the beef may start to darken slightly.
Pour in the diced tomatoes along with their juices and the beef broth. Scrape the bottom of the pot gently to loosen any browned bits, which adds flavor.
Season with salt and pepper to taste, then close the lid of the pressure cooker securely. Ensure the valve is set to sealing.
Cook on high pressure for 10 minutes, then allow a natural release for 5 minutes before releasing any remaining pressure manually.
Open the lid carefully, and the chili should be thickened, bubbling gently with a rich aroma. Stir to combine and taste-test, adjusting salt and pepper if needed.
Serve the chili hot, straight from the pressure cooker or ladled into bowls, with your favorite toppings if desired.
