Place the beef stew meat in the freezer, to make it easier to grind. Freeze for about 25 minutes. Divide the partially frozen meat into 2-4 batches, depending on the size of your food processor. Pulse until the beef is coarsely ground. Aim for chunks that are about ¼ inch, although the chunks will not all be the same size.

Stir together the chili powder, cumin, oregano, garlic powder, and cinnamon in a small bowl. Crush the tortilla chips, if using, in a blender or food processor.

In a large, heavy skillet over medium-high heat, sauté the bacon pieces until they are beginning to crisp and the fat is rendered. Remove the bacon pieces with a slotted spoon and set aside. Leave the bacon fat in the bottom of the skillet. (See note below for directions if you prefer to sauté using the Instant Pot.)

Add the onion, peppers, and garlic to the bacon fat in the skillet, and sauté over medium-high heat about 3 minutes until beginning to soften. Add the spice mixture. Cook and stir for 3 more minutes.

Add the meat to the skillet, and season with 2 teaspoons kosher salt. Cook over high heat, stirring occasionally, until the meat is browned and partially seared. Add the bacon pieces, cook and stir 1-2 more minutes.

Transfer meat and vegetable mixture to the Instant Pot. Add the tomatoes and beef broth, and stir to combine. Secure the lid on the instant pot, and set to cook for 30 minutes at high pressure.

After the chili has cooked for 30 minutes at high pressure, let pressure release naturally for 15-20 minutes, then quick release remaining pressure and remove lid. Add beans (optional) and stir.

To thicken the chili, add crushed tortilla chips, stir, and let rest for about 10 minutes. If you don’t want to use crushed tortilla chips, you can thicken the chili by cooking on the sauté setting with the lid off to evaporate some of the liquid (optional).

Finish the chili by stirring in fresh lime juice. Serve with your favorite toppings.