Set the Instant Pot to sauté mode and add the olive oil. Once hot, add the diced onion and cook for 2 minutes until it softens.
Stir in the minced garlic, chili powder, cumin, smoked paprika, cayenne, salt, and black pepper. Cook for 1 minute until fragrant.
Add the sweet potato cubes, black beans, diced tomatoes with green chilies, and vegetable broth. Stir to combine.
Cancel sauté mode, secure the lid, and set the valve to sealing. Cook on high pressure for 8 minutes.
Allow a natural pressure release for 5 minutes, then quick release any remaining pressure.
Stir in the lime juice. Use a potato masher to lightly mash some of the sweet potatoes and beans for a thicker texture if desired.
Ladle into bowls and top with the chopped cilantro.