Add the olive oil to a large instant pot and press sauté.

Add the onion. Cook for 5 minutes, stirring occasionally.

Add the ground beef to the pot. Break it apart with a wooden spoon. Cook for 6-7 minutes, until the beef is browned, stirring occasionally.

Add the chili powder, cumin, sugar, tomato paste, garlic powder, salt, pepper, and optional cayenne. Stir until well combined.

Add the broth, diced tomatoes (with their juice), drained beans, and tomato sauce. Stir well.

Bring the liquid to a low boil. Then, reduce the heat (low to medium-low) to gently simmer the chili,

Uncovered, for 20-25 minutes, stirring occasionally.

Remove the pot from the heat. Let the chili rest for 5-10 minutes before serving.