To your instant pot, heat the olive oil using the sauté setting. Add the onion, carrots, garlic, and a pinch of salt and black pepper. Cook until softened, about 5 minutes. Add the remaining ingredients up to and without the heavy cream.
Change the setting on your instant pot to pressure cook, and set the timer to 25 minutes (the time will vary depending on what altitude you are at - use your best judgement). Pressure cook for 25 minutes. Using the quick release, release the pressure from the instant pot.
Stir in the heavy cream and season with salt and pepper to taste. If at this moment the chili is still not packing enough heat, feel free to add some chili powder and/or cayenne pepper to taste.
Serve the chili warm with desired toppings and fresh corn muffins.