The Instant Pot makes quick work of a dish that is traditionally cooked low and slow. The results won't disappoint. The beef and butternut squash make a winning pair and using taco seasoning mix just means fewer ingredients to worry about. If making this when winter squash is out of season, use 1 cup zucchini and 1 cup red bell peppers and cut the cooking time to 10 minutes.
Set the Instant Pot to "Saute" and add the oil. When the oil is hot, add the onion and saute until it begins to soften, 2 minutes. Add the ground beef and sprinkle the taco seasoning mix over the top. Saute the beef and the taco seasoning, stirring regularly to break up the meat, until cooked through, 5 minutes.
Add the squash, beans, tomatoes, and water to the pot. Secure the lid, close the vent, and set the Instant Pot to High Pressure for 14 minutes.
After 14 minutes, release the steam from the pot (being careful to avoid your hand) and open the lid. Add the salt and cayenne and stir well. The chili may appear thin, but will quickly thicken as it cools.
Ladle into bowls and top with favorite garnishes