Turn on the Sauté feature for the Instant Pot. Once warm, pour the olive oil into the Instant Pot. Cook the minced garlic, then the onions and peppers for 3 minutes. Add the ground beef. Sprinkle in the chili powder, paprika, cumin, salt, and pepper. Cook until the beef is no longer pink, about 5 to 7 minutes. Pour in the beef broth, tomato sauce, and the diced tomatoes with green chiles. Mix, then place the lid on the Instant Pot. Switch to manual (Pressure Cook) and cook on high pressure for 20 minutes. Let it naturally depressurize for 10 minutes, then release the rest of the pressure. Serve with shredded cheese and sour cream, or any other desired toppings.