While you gather your ingredients, dice the onion into ½-inch pieces, mince the garlic cloves fresh (this makes a huge difference in aroma), seed the red bell pepper and cut it into ½-inch chunks, and measure out all your dried spices into a small bowl. Set the Instant Pot to Sauté mode and add a light coating of oil to the bottom. Once hot, add the ground turkey and cook for about 4 minutes, breaking it up as it cooks until it's mostly browned and no longer pink.
Press Cancel to turn off the Sauté function, then pour in 1 cup of the broth to deglaze the pot, scraping up any browned bits from the bottom with a wooden spoon—these caramelized flavors are liquid gold for your chili. Add the minced garlic and diced onion directly to the pot with the browned turkey and broth, stirring gently. I like to add the garlic at this point rather than earlier because the hot broth will bloom its flavors without burning it.
Add the diced red bell pepper, corn, and all three types of beans (kidney, cannellini, and pinto—make sure they're rinsed and drained thoroughly to avoid excess starch and cloudiness). Pour in the diced tomatoes with their juice and the tomato paste, then sprinkle the measured spice mixture over the top along with the bay leaf and remaining ¼ cup broth. Here's the important part: do NOT stir everything together. By keeping the ingredients layered, the flavors will distribute more evenly during pressure cooking, and you'll get a more cohesive taste in the final dish.
Close the Instant Pot lid, make sure the valve is set to Sealing, and cook on High pressure for 15 minutes. The pot will take a few minutes to build pressure before the timer starts counting down—this is normal and part of the cooking process. During this time, the high pressure will soften the vegetables and meld all the spices into a deeply flavored, cohesive chili.
When the timer beeps, carefully move the pressure release valve to Venting position to do a quick release (this takes about 3 minutes). Once the pressure indicator drops, you can safely open the lid. Give the chili a good stir to combine everything, taste it, and adjust the seasoning if needed—you may want to add a pinch more salt or a dash of cumin depending on your preference. Remove the bay leaf and serve with your favorite toppings like diced onions, shredded cheese, sour cream, or fresh cilantro.