Cut the bacon in half, then add it to the Instant Pot. Turn on to “Sauté” (normal). Cook the bacon until the fat renders and it begins to crisp, about 5-6 minutes.
Add the ground beef to the Instant Pot and cook it on one side until the meat is deeply browned, about 4-5 minutes. Resist the urge to move it around–undisturbed contact with the hot surface is key here.
Add the onion and sauté until it begins to turn golden brown, 4-5 minutes. Add the garlic and sauté for about 30 seconds.
Add the tomato paste and spices (chile powder, cumin, paprika, oregano, salt). Stir in with the onions so the spices become fragrant, 30 seconds to 1 minute.