Set your Instant Pot to the sauté function. Add olive oil and let it heat up.
Add the chopped onion and minced garlic to the pot. Sauté for about 3-4 minutes until the onion becomes translucent.
Stir in the diced bell pepper, carrots, and zucchini. Cook for an additional 3-5 minutes until they begin to soften.
Add the black beans, kidney beans, diced tomatoes, vegetable broth, chili powder, cumin, smoked paprika, salt, and black pepper. Stir until well combined.
Close the lid of the Instant Pot and ensure the venting knob is set to sealing. Set it to manual pressure cooking mode for 15 minutes.
Once the cooking time is complete, carefully perform a quick release of the steam.
After releasing the pressure, remove the lid and stir in the corn kernels. Allow the chili to sit for a few minutes to heat the corn.
Taste and adjust seasonings as needed. Serve hot, garnished with fresh cilantro if desired.