Set Instant Pot to Saute and heat until hot.
Dice the onion, slice and remove seeds from peppers (seed removal is optional), and thoroughly rinse and drain the beans.
Drizzle the pot with a bit of olive oil and add onions, serrano peppers, and garlic. Saute 2-3 minutes until fragrant and tender. Transfer to a bowl and set aside.
Add ground beef to the pot and saute 6-8 minutes until browned.
Return onions, peppers, and garlic to the pot.
Add chili powder, paprika, cumin, sugar, diced tomatoes, tomato sauce, beef broth, beans, salt, and black pepper.
Cover, ensure vent is in the sealed position, set Instant Pot to Pressure Cook on High with the timer set for 15 minutes.
When time is up, do a quick release by turning the vent to the venting position, removing the lid once the float valve drops.
Stir the chili. And additional salt and black pepper to taste.