Set Instant Pot to SAUTE and add the olive oil and onion. Cook for 5 minutes, or until the onions have softened then add the garlic and continue cooking for 1 minute. Press CANCEL to stop the saute function.
Add the beans, cumin, chili powder, diced tomatoes, and vegetable broth to the Instant Pot and stir together.
Lock lid into place and turn the valve to SEALING.
Set to HIGH pressure 40 minutes.
When the timer goes off press cancel and do a natural release for 20 minutes.
Turn the valve to VENTING to release the remaining pressure.