Set your Instant Pot to the saute setting and add oil to the pot.
Once the oil is hot, crumble the meat into the Instant Pot. Brown for a minute or two until the meat is mostly browned, but still slightly pink. Scoop the meat out of the pot and set aside.
Next, add the garlic, onion, bell pepper, carrots to the Instant Pot. Cook for about 3-4 minutes. Stir in salt, pepper, chili powder, paprika, and cumin.
Next, add the beef cooking broth. Stir it into the veggie mixture, being sure to scrape up the spices and veggies that may have cooked to the bottom of the pot.
Add the tomatoes, pumpkin puree and cooked meat. Stir to mix everything together.
Turn off the saute function. Place the lid on the Instant Pot, lock in place and turn the valve to sealing. Select the manual setting and set to cook on HIGH pressure, and set time for 17 minutes. It will typically take you Instant Pot for about 10 minutes to get up to pressure.
When the chili is finished cooking, quick release pressure, carefully.
Taste and add more chili, salt and pepper, if desired.
Enjoy warm, garnished with avocado or cilantro, if desired