Add the onion and olive oil to your Instant Pot and sauté for 5 minutes.
Add the turkey to the Instant Pot and cook it for a few minutes, breaking it up with your spoon.
Add the remaining ingredients to your Instant Pot and give it a good stir.
Close the lid, set the valve on "sealing", and cook on high pressure for 12 minutes. It'll take about 10-15 minutes for the Instant Pot to come up to pressure.
Once the countdown has finished, carefully do a quick release. You can let it depressurize naturally if you wish, but I like the turkey better when it's a bit more tender.
Serve with desired toppings and enjoy! Chili freezes well.