Set the Instant Pot to sauté and wait until it reads HOT. Add the olive oil, diced onion, and bell pepper. Sauté for about 1 minute, until the onion softens slightly.

Stir in the taco seasoning and cook for 30 seconds, until fragrant. Add the black beans, diced tomatoes (with their juice), green chiles, frozen corn, cocoa powder, and water or stock. Stir to combine. Cancel the sauté function. (For a quicker dump-and-go version, skip the sauté and just dump everything in and stir.)

Close the lid and turn the steam release valve to the sealing position. Select Pressure Cook (or Manual) on high pressure and set the timer for 5 minutes.

When the cooking cycle ends, let the pressure release naturally for 5 minutes, then carefully turn the valve to quick-release any remaining steam. Open the lid once the pin drops.

If the chili seems too thin, turn sauté back on and simmer for a few minutes, stirring occasionally, until it thickens to your liking. Serve with favorite toppings like fresh cilantro, shredded cheese, sour cream, sliced avocado, or tortilla chips.

In a large saucepan or Dutch oven, heat the olive oil over medium-high heat. Add the onion and bell pepper and sauté for 1 minute.

Stir in the taco seasoning and cook for 30 seconds. Add the black beans, diced tomatoes, green chiles, corn, cocoa powder, and water or stock. Stir everything together.

Bring the chili to a gentle simmer, then reduce the heat to medium-low, cover, and let it simmer for 12–15 minutes, stirring once or twice.

Uncover and check the consistency and seasoning. If desired, simmer uncovered for a few extra minutes to thicken. Serve warm with your choice of toppings.