Press the "saute function" and add 2 tbsp of oil to the instant pot.
Add the ground beef to the instant pot and break it up using a wooden spoon. Let the ground beef brown completely. This should take 3-4 minutes.
Add the onions and peppers, cook for 1 minute. Stir in the garlic and cook for an additional 20 seconds.
Stir in the brown sugar, chili powder, granulated garlic, onion powder, ketchup, mustard, tomato paste, Worcestershire sauce, and water. Mix well. Season with salt and pepper.
Press the "cancel" function. Lock the lid and seal the valve. Press the "pressure cook" function and cook for 5 minutes. It will take some time for the instant pot to come to pressure.
Once the 5 minutes are up, allow pressure to release naturally for 5 minutes. Once the 5 minutes are up, release any remaining pressure. Open the lid, and stir the meat mixture.
Remove any excess oil and check for seasoning.
Serve on toasted brioche buns and cheese, if desired.
Notes
Cooking time does not include the amount of time it takes for the instant pot to come to pressure.