Sauté the veggies: Press "sauté" then press "More" so that the sauté temperature is set to high. Add olive oil, then add in diced peppers, onions and celery. Sauté until tender. Add in garlic and cook for 30 seconds longer. Remove the vegetables from the pan and set aside.
Brown the meat: with the Instant Pot still on sauté (on high) - add ground beef and Italian sausage. Brown the meat, then drain excess fat.
Add remaining ingredients: to the meat add in sauteéd vegetables, beef broth, diced tomatoes and tomato sauce.
Season the chili: stir in chili powder, cumin, garlic powder, onion powder, oregano, salt and black pepper. Stir to combine.
Cook on high pressure: press the "Manual" function, then make sure that it's set to high pressure. Set the timer for 20 minutes. After the timer goes off, allow the pressure to release naturally for 5 minutes.
Release remaining pressure: quick release the remaining pressure by flipping the valve from "sealing" to "venting."
Serve with your favorite garnishes: cheese, onion, Fritos, sour cream, etc.