With the Instant Pot on the medium sauté setting, cook the bacon until the fat is rendered. Remove the bacon from the pot and drain on paper towels.
If there is less than 1 ½ Tablespoons of bacon grease in the pot, add enough vegetable oil to equal 1 ½ Tablespoons. Turn the sauté function to high.
Add ground meat and sauté until browned, stirring to break it up into crumbly pieces.
Stir in the canned tomatoes, soaked beans (see note in ingredients), onion, green pepper, garlic, chili powder, cumin, cayenne, and salt. *If using canned beans, do NOT add them at this point.
Select CANCEL to turn off sauté function. Secure the lid to the Instant Pot with the steam release on SEALING.
Select the BEAN CHILI setting and set the time to 30 minutes.
When the cooking is done, quick release the vent per the manufacturer's instructions.
If you are using canned beans, once the pressure is released and the safety valve is down, open the lid and stir in the drained and rinsed beans. Immediately put the cover back on and let the beans heat in the hot chili for about 10 minutes to heat up. Stir and serve!
If you like your chili soupier, add some hot water or beef broth.
Gr8 Do Ahead Tip:
This chili can be made two days ahead of time and stored in the refrigerator. Reheat on the stovetop before serving.