Place all ingredients (except for the toppings) in the inner pot of your instant pot. Stir well.
Close the lid and set the pressure valve to "sealing". Choose "pressure cook" and set the timer to 45 minutes.
Once the cooking time is up, do a natural pressure release for 5 minutes (just leave the instant pot alone). Then carefully manually release the remaining pressure and open the instant pot.
If your chili hasn't thickened enough, set the instant pot to sauté (on low) and simmer for a few minutes to thicken.
Notes
According to MyFitnessPal, one serving of this recipe has 2 grams of fat and 22g net carbs, with 19 grams of fiber! Definitely room for some corn chips there :)