Turn the Instant Pot on to the Sauté setting. Heat the olive oil, then add the ground beef breaking it apart with a wooden spoon. Cook until brown, approx 3-5 minutes.
In a small bowl, stir together chili seasoning. Carefully lift the metal pot from the Instant Pot, and drain away drippings. Return the pot and stir in chili seasoning, onion and carrots. Allow to cook another 1-2 minutes.
Add diced and crushed tomatoes, black beans and kidney beans. Stir to combine. Be careful not to go over the max fill line. Turn the Instant Pot to the Pressure Cook setting, seal the lid, and set the time for **15 minutes.
Once the timer has gone, use an oven mitt to carefully open the quick-release valve, or if you aren't in a rush, allow it to slowly release on it's own. Serve with shredded cheese, sour cream, diced avocado, tortilla chips, and/or rolls.