Set the Instant Pot to 'Sauté' mode and add the vegetable oil. Once hot, add the diced onion and cook for about 3-4 minutes until it becomes translucent and fragrant.
Add the minced garlic to the onions and cook for another 30 seconds, stirring constantly until fragrant.
Add the ground meat to the pot, breaking it apart with a wooden spoon. Cook for about 5-7 minutes until browned and no longer pink.
Stir in the chili powder, cumin, smoked paprika, and cayenne pepper, cooking for another minute to toast the spices and release their aroma.
Pour in the diced tomatoes with their juice and the drained kidney beans. Stir well to combine all the ingredients.
Add the splash of vermouth to the mixture, stirring to incorporate the flavor and deglaze the bottom of the pot, scraping up any browned bits.
Lock the lid onto the Instant Pot and set it to 'Manual' or 'Pressure Cook' mode for 15 minutes. Once cooking is complete, allow it to naturally release pressure for 10 minutes, then quick release any remaining pressure.
Open the lid carefully, and give the chili a good stir. The sauce should be thickened and the flavors melded together beautifully.
Taste and adjust seasoning if needed—adding more chili powder or salt according to your preference.
Scoop the chili into bowls, garnish as desired, and serve hot with your favorite toppings.
