Turn your instant pot to sauté, medium, and add the bacon slices.
Cook until crispy, stirring often to cook evenly.
Remove the bacon to a paper towel lined plate.
Add the ground meat and cook until browned (add 1 tbsp of oil if you think the meat will stick, you might not need to with the grease from the bacon though).
Add the onion, garlic and bell pepper and cook until tender.
Drain off any excess grease, just tilt the pot and use a large spoon to scoop it out.
If you are using frozen bone broth Souper Cubes add them now and heat until melted. Stirring occasionally.
Scrape the bottom of the pot with a wooden spoon to make sure nothing is stuck to the bottom of the pot.
Add all of the remaining ingredients and the chopped up bacon and stir to combine.
Turn the instant pot to chili (if you don't have a "chili" setting, use the "manual" setting) and cook for 30 minutes. Allow pressure to release naturally or let sit for 10-15 minutes then quick release with the vent.
Serve with sour cream, cheese, hot sauce and cilantro!