Heat a large saucepan or Dutch oven on medium-high heat. Add the olive oil, and once it’s shimmering, add the onions and season with salt. Stir frequently and cook the onions until a light brown fond starts form on the surface of the pan, about 5 minutes. Add a few spoons of water to deglaze the pan. Continue cooking the onions, adding more water every few minutes and stirring frequently to prevent burning, until they’re browned and fully softened, 8- 10 minutes.

Add the garlic, jalapeño peppers, and tomato paste, and cook for 2-3 minutes or until tomato paste is darker in color. If the mixture appears to dry out, add a bit more water and scrape up any browned bits.

Pour in the vegetable broth to deglaze the pot, stirring up any browned bits. Add the cocoa powder, bay leaf, 1 ½ teaspoons kosher salt, black pepper to taste, pinto beans, diced sweet potatoes, chipotle peppers (if using), and diced tomatoes. Stir well.

Bring the chili to a simmer and maintain a rapid simmer for 30 minutes, stirring occasionally and reducing the heat as needed, until the sweet potatoes are fully tender and the chili is thick and almost velvety.

Use the Sauté setting on the Instant Pot for steps 1-3. You might need to add more oil and or water as you go, as the Instant Pot stainless steel inner pot requires more liquid than a standard pot.

Select the Cancel setting once you deglaze the pot with the broth (step 4).

Secure the lid and set the Pressure Release to Sealing. Select the Pressure Cook setting at high pressure and set the cook time to 6 minutes.

Once the timer has completed and beeps, allow a natural pressure release for 10 minutes and then switch the Pressure Release knob from Sealing to Venting to release any remaining steam.